Economic news

Asian stocks touch six-month lows as trade concerns weigh

Asian stocks slumped to their weakest level in six months on Friday, affected by deepened trade tensions between the U.S. and China, while crude prices wobbled ahead of an OPEC meeting.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares fell 0.35 percent briefly to hit its lowest level since early December before erasing declines to be up 0.15 percent. Still it was on track for a weekly loss of 2.3 percent.

Japan's Nikkei shed 0.8 percent, poised to end the week 1.7 percent lower. Hong Kong's Hang Seng dropped to six-month trough, having retreated 3.9 percent so far this week.

South Korea's KOSPI scaled nine-month weak point and in mainland China, the CSI300 index slipped near 5 percent this week to one-year nadir.

On Wall Street, the Dow Jones Industrial Average sank for an eighth successive session overnight and the S&P 500 closed down 0.63 percent.

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