On Friday, Australia's S&P/ASX 200 index fell slightly by 10 points, or 0.1%, to close at 8631, erasing gains from the previous day's modest rise. Market sentiment weakened as U.S. stock index futures fell sharply, and traders closely watched the second day of the Trump-Xi summit. The market was down 1.3% this week, after earlier gains, pressured by persistent inflation concerns and a proposed housing tax that clouded mortgage demand. Australia's budget outlined measures to limit negative gearing to stimulate new home investment, raising concerns about slowing mortgage growth. Financial stocks fell sharply, but Commonwealth Bank rebounded 1.9% after a sharp drop in early trading. Mining stocks also retreated, influenced by weaker iron ore and copper prices, with BHP Billiton down 2.6% and Rio Tinto down 3.2%, retreating from record highs reached earlier in the week. Other underperforming companies included PLS Group (-5.8%), Evolution Mining (-5.5%), and South32 Limited (-5.1%). Traders are currently closely watching next week's release of the preliminary May PMI figures, as well as the Reserve Bank of Australia's meeting minutes and April employment data.