Australian shares slump to four week low as Woolworths plunges on earnings warning

Woolworths warns costs will bite—and shares fall sharply

Australian shares closed at a four-week low, marking an eighth straight session of losses as higher oil prices fanned inflation fears and growth concerns. The biggest drag came from top grocer Woolworths, which tumbled more than 7% after it warned rising costs would weigh on earnings, intensifying investor worry across consumer stocks.