Australian shares slip

Australian shares slipped 0.2 percent on Friday, taking losses to the second straight week as investors fretted over Ireland's debt woes and a possible Chinese interest rate hike. Investors sentiment was also weakened after the country's top IPO in more than a decade was indicated to have pulled in bids at the lower end of the indicated range.
But dominant telephone firm Telstra bucked the trend, gaining 2.3 percent after it affirmed its earnings and dividend guidance, and said it was addressing the problems which it viewed had led to a "materially undervalued" stock. The benchmark S&P/ASX 200 index lost 10.95 points to 4,629.20, according to latest available data after slipping in late trade as investors closed positions. It lost 0.7 percent for the week. Global miners BHP Billiton fell 0.4 percent and Rio Tinto slipped 0.1 percent on concerns about a Chinese rate hike. China is the biggest consumer of Australian resources. Bank shares fell on European woes as investors feared the cost of fund will rise more for deposit deficient Australian banks. No 2 lender and top offshore debt issuer Commonwealth bank of Australia led losses with a 1.4 percent fall at A$48.81.