(Reuters) - Australian shares eased on Friday, tracking global declines after the U.S. Federal Reserve affirmed its intention to continue raising rates and as softer metals prices and new state regulations weighed on mining stocks.
The S&P/ASX 200 index <.AXJO> fell 0.11 percent, or 6.4 points, to 5,921.8 at the close of trade but rose 1.24 percent over the week, its second straight week of gains. The benchmark closed 0.53 percent higher on Thursday.
The metals and mining stocks <.AXMM>, among the biggest drags on the headline index, closed 0.4 percent lower. Global miner BHP <BHP.AX> and rival Rio Tinto <RIO.AX> falling 0.1 percent and 0.4 percent, respectively.
Both miners have operations in the state of Queensland, which is set to unveil resource regulations next week requiring miners to pay into an "insurance fund" for the remediation of old mines.
Also weighing on miners were benchmark London copper prices <CMCU3>, which slipped on Friday with the market on track for its sharpest weekly drop since mid-August
Energy stocks <.AXEJ> fell 1.3 percent, with sector heavyweight Woodside Petroleum Ltd <WPL.AX> losing 1.3 percent and Santos Ltd <STO.AX> falling 1.1 percent.
Oil prices weakened as rising supply and concerns of an economic slowdown pressured prices, with U.S. crude down 20 percent since early October as of Friday.
Meanwhile, financial stocks <.AXFJ> edged slightly higher with Commonwealth Bank of Australia <CBA.AX> gaining 0.5 percent while Australia and New Zealand Banking Group Ltd <ANZ.AX> gained 0.3 percent.
New Zealand's benchmark S&P/NZX 50 index <.NZ50> rose 0.40 percent or 35.39 points to finish the session at 8,931.4.
Dairy firm Synlait Milk Ltd <SML.NZ> closed 1.8 percent higher.
(Reporting by Rashmi Ashok in Bengaluru; Editing by Sam Holmes)
