Australian shares log decade's worst November as expensive banks slide

The benchmark S&P/ASX 200 index ended 0.04% lower at 8,614.10 on Friday. It fell 3% this month, posting its biggest drop in eight months and weakest November performance since 2014. The benchmark had been on a steady rising trend after hitting a trough on April, mainly due to gains in heavyweight miners. "It's been a tough month for the market, valuations were stretched after a strong run since April," said Luke Winchester, a portfolio manager at Merewether Capital. Banks fell 0.7% on Friday, shedding 7.4% ...