AU Evening Wrap: Australia Shares Lose 1.8% for Largest Drop in a Year

Australia's $S&P/ASX 200 (.XJO.AU)$ fell 1.8% to close at 7704.2, its heaviest one-day loss in a year, as shares of heavyweight banks and miners weighed. The ASX 200 ended last week at a record high but slumped at the open following a weak lead by U.S. equities, which fell Friday after jobs data hinted at a moderating labor market. All 11 sectors finished lower.

Shares of Australian banks-- $ANZ Group Holdings Ltd (ANZ.AU)$, $CommBank (CBA.AU)$, $National Australia Bank Ltd (NAB.AU)$ and $Westpac Banking Corp (WBC.AU)$--which comprise about 20% of the ASX 200 by market capitalization and had been a cornerstone of its recent rally lost between 1.9% and 3.2%. $BHP Group Ltd (BHP.AU)$, $Fortescue Ltd (FMG.AU)$ and $Rio Tinto Ltd (RIO.AU)$ shed between 2.6% and 3.6% amid weakness in iron-ore prices.