Australia shares fall, biggest loss since May

SYDNEY Fri Oct 26, 2012 1:22am EDT

SYDNEY Oct 26 (Reuters) - Australian shares fell 0.8 percent on Friday, dragged down by local mining and banking shares and disappointing US corporate earnings on Wall St as investors scrambled for any positive economic indicators ahead of U.S. GDP data due later today.

Miners BHP Biliton and rival Rio Tinto both dropped 1.5 percent and 1.8 percent respectively.

Banks fell, led by Commonwealth Bank of Australia, which lost 0.8 percent.

The benchmark S&P/ASX 200 index fell 38.1 points to 4,472.4, according to the latest data. It fell 2.1 percent for the week, the biggest fall since May.

New Zealand's benchmark NZX 50 index slipped 0.2 percent to 3,983.8. (Reporting by Thuy Ong; Editing by Simon Cameron-Moore)

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