- Asian markets fell alongside Wall Street, as risk appetite was dampened by data showing a slowing in American manufacturing and the labour market. Traders bought the dollar and the yen as they worried about escalating tensions between the US and China.
- Equities in China and Australia declined, while Japanese benchmarks fluctuated. South Korea's tech-heavy Kospi Index has retreated after approaching a bull market. This corresponded to the Nasdaq 100's drop on Thursday. Futures for US stock benchmarks remained mostly unchanged.
- The dollar rose versus the majority of its Group-of-10 counterparts, with a measure of its strength set for its first weekly rise in six weeks. The yen outperformed as mounting global tensions prompted traders to purchase the safe-haven currency ahead of the weekend.
- According to those involved with the internal discussions, Biden plans to sign an executive order in the coming weeks that will limit American company engagement in crucial sectors of China's economy.
- It's simply the latest in a long line of such restrictions that adds to underlying tensions between the US and China, raises trade costs, and pulls the globe farther away from peak globalisation, said Sean Callow, a Senior Currency Strategist at Westpac.
