Australian shares fell 1% to hit a nearly two-month low on Monday, tracking Wall Street losses in the previous session following the failure of a US startup-focused bank and strong February employment data.

The S&P/ASX 200 index fell 1% to 7,077.10 by 0020 GMT.

The benchmark fell 2.3% on Friday.

Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets.

Moreover, the closely monitored non-farm payrolls report showed the US economy added more jobs than expected in February, while the unemployment rate rose. On the domestic bourse, technology stocks slipped 2.6%, tracking a fall in their Wall Street peers on Friday.

Block Inc’s ASX-listed shares fell 1.7%. Heavyweight financial stocks slipped 1.2%, with the so-called ‘Big Four’ banks retreating between 0.2% and 0.8%.

Real estate stocks and healthcare stocks fell 2.4% and 1.5%, respectively.

Bucking the trend, mining stocks edged up 0.5% on optimism around China’s steel demand, as the country enters its peak spring construction season. Sector majors BHP Group and Rio Tinto rose 1.2% and 0.6%, respectively. Gold stocks rallied 3.5% on bullion strength, and were set for their best day in nearly six weeks.

Newcrest Mining and Northern Star Resources added 2.7% and 3.6%.

Most antipodean technology companies announced that they did not have material exposure to the collapse of SVB.

Australian shares log worst day in 4 months on rout in banks, miners

Australia’s Nitro Software said that about $12.18 million of its global cash reserves were held on deposit at SVB, adding that the development does not impact private equity firm Potentia Capital’s A$532.3 million ($352.49 million) takeover offer for the software maker.

It’s shares were up 0.2%.

New Zealand’s benchmark S&P/NZX 50 index fell 1% to reach 11,610.10.