Economic news

Geopolitical tensions set tone for markets

Concerns over the sliding Turkish lira and Russian ruble as well as latest trade war volley pulled stock markets lower worldwide on Friday.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares slumped 1.1 percent, easing its weekly gains to 0.6 percent.

Japan's Nikkei tumbled 1.3 percent as the yen rose and traders remained anxious over trade pressure from the U.S.

In mainland China the Shanghai Composite index lost 0.4 percent, while Hong Kong’s Hang Seng Index fell 0.9 percent.

South Korea's Kospi index was down 0.9 percent and Australia’s S&P/ASX 200 Index slipped 0.3 percent.

European shares looked set to start in the red territory amid declines in the Asia-Pacific region and U.S. futures.

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