In Asian Equity Markets Japan’s Nikkei 225 fell 3.27 percent while the Topix index declined 2.3 percent, with almost all sectors seeing declines. Japanese conglomerate Softbank fell 5.23 percent and Fast Retailing, the company behind the Uniqlo chain of apparel stores, declined 6.21 percent. Stocks in Japan were closed on Wednesday and Thursday for public holidays. South Korea’s Kospi fell about 0.1 percent. Stocks in Australia also fell, with the benchmark ASX 200 down 0.89 percent as many sectors saw losses.

In Currency Markets the safe-haven yen strengthened marginally versus the dollar on Friday as broader market sentiment remained weak on rising concerns over a sharp slowdown in global growth. Weaker-than-expected U.S. factory activity and fears of a slowdown in China from a bruising trade war have heightened investor expectations the Federal Reserve will not raise rates in 2019, and possibly even cut them in 2020. The yen rose marginally to 107.55 per dollar in early Asian trade, after gaining 1.1 percent the previous session on the back of risk-off positioning.

In Commodities Markets oil prices fell on Friday after the United States followed most other major economies into a manufacturing downturn, although supply cuts by producer club OPEC kept declines in check. International Brent crude futures were down 21 cents, or 0.4 percent, at $55.74 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures were at $47.05 per barrel, down 4 cents, or 0.1 percent. Data for December from the Institute for Supply Management (ISM) on Thursday showed the broadest U.S. slowdown in growth for more than a decade.

In US Equity Markets stocks fell on Thursday after slowing U.S. factory activity on the heels of a dire revenue warning from Apple Inc. fueled fears of a global economic slowdown. S&P Technology companies fell 5.1 percent, its biggest one-day percentage decline since August 2011. The Philadelphia SE Semiconductor index ended the session 5.9 percent lower. the S&P 500 fell 2.48 percent, to 2,447.89 and the Nasdaq Composite declined 3.04 percent, to 6,463.50. Shares of U.S. commercial air carriers fell across the board, after Delta Air Lines cut its fourth quarter revenue estimate.

In Bond Markets the U.S. two-year Treasury note yield fell below 2.4 percent on Thursday, reaching parity with the federal funds effective rate for the first time since 2008. The fed funds effective rate, which was 2.4 percent on Thursday, moves within the Federal Reserve’s key policy range of 2.25 to 2.5 percent. The market move suggests investors believe the U.S. central bank will not be able to continue to tighten monetary policy as its forecast suggests, after having lifted benchmark interest rates four times in 2018.