April 21 (Reuters) - Australian shares fell on Friday, led by a drop in financials and commodity prices weighing on miners, amid gloomy earnings reports from major U.S. companies and lingering fears of a global recession.
The S&P/ASX 200 index was down 0.4% to 7,330.9 points, as of 0046 GMT. The benchmark was on track to snap three straight weeks of gains.
Investors are assessing the path for further interest rate hikes after data showed that the number of Americans filing new claims for unemployment benefits increased moderately last week, indicating the labor market was gradually slowing.
Banks emerged as the top losers on the benchmark, tracking the broader negative sentiment as recessionary fears overshadowed the benefits financials are enjoying in a high-cash rate environment.
The sub-index fell 1.0%, with Commonwealth Bank of Australia down 1.5%.
Miners dropped 1.1% on the back of falling iron-ore prices.
Mining giants Rio Tinto Ltd and Fortescue Metals Group Ltd traded down 2.2% and 1.6%, respectively.
The world's largest listed miner, BHP Group Ltd fell 1.4% after a downgrade in full-year Escondida copper and nickel production expectations.
Energy companies gained 0.2%. Oil and gas major Woodside Energy Group Ltd fell 1.3% after its total revenue fell 16% sequentially.
Gold stocks capped losses on the benchmark as bullion prices firmed above the $2000 level on Thursday.
Shares of Newcrest Mining Ltd were up 0.1% while Northern Star Resources Ltd gained 1.6%.
Among individual stocks, Lynas Rare Earths Ltd rose 2.6% on a record production from its Malaysia operations.
Whitehaven Coal Ltd approved an investment in mining equipment for work to start at its Vickery coal deposit. Shares were up 1.4%.
Lithium miner Essential Metals Ltd dropped 4.5% after it terminated a buyout deed with a joint venture.
New Zealand's benchmark S&P/NZX 50 index fell 0.1% to 11,870 points.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sonia Cheema)
