In Asian Equity Markets Japan’s Nikkei share average fell on Friday after another torrid day for Wall Street, with oil-related stocks leading the broad declines. The Nikkei finished down 2.3 percent at 21,382.62 bringing its weekly loss to 8.1 percent. The oil and coal sector was down 4.9 percent, while the mining sector shed 5.4 percent. Nissan Motor Co shares slid 3.1 percent after the automaker said on Thursday that its third-quarter operating profit halved, weighed by costs stemming from improper final inspection procedures at home, and higher discounts in the United States Shares of Nikon Corp provided a rare bright spot, up 3 percent a day after the company posted upbeat earnings and forecasts. Softbank ended with a 0.4 percent gain and Aeon ended down 0.1 percent.

In Currency Markets the yen rose to within sight of a four-month high against the dollar on Friday on safe-haven buying as a slump in global stock markets rolled across Asia. The dollar fell as low as 108.50 yen, nearing its four-month low of 108.28 on Jan. 26. It later edged up to 108.99 yen, but was still down 1.1 percent for the week. There was limited market reaction after the U.S. Congress missed a deadline to renew funding for the U.S. government to prevent a shutdown. The euro firmed 0.1 percent to $1.2254 but was down 1.6 percent for the week, putting it on track for its largest weekly decline since November 2016. The rapid slide in global shares and other riskier assets has also boosted buying of the Swiss franc, which strengthened to a four-month high of 1.1448 franc per euro on Thursday. The Swiss franc last stood at 1.1492 per euro.

In Commodities Markets oil prices fell for a sixth day on Friday after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies. The falls come amid a rout in global share markets as inflation fears grip investors. Brent futures were down 38 cents or 0.6 percent, at $64.43 a barrel. On Thursday, Brent fell 1.1 percent to its lowest close since Dec. 20. U.S. West Texas Intermediate (WTI) crude was down 0.9 percent, at $60.61, having settled down 1 percent in the previous session at its lowest close since Jan. 2. Both contracts have fallen more than 9 percent from this year’s high point in late January. OPEC member Iran on Thursday announced plans to increase production within the next four years by at least 700,000 barrels a day.

In US Equity Markets indexes fell around 4 percent on Thursday in another dramatic session, confirming a correction that has thrown the market’s nearly nine-year bull run off course. The S&P 500 3.75 percent, to 2,581 and the Nasdaq Composite fell 3.9 percent, to 6,777.16. All 11 major S&P sectors finished lower, with financials and technology the worst-performing groups. All 30 components of the blue-chip Dow finished negative. Amazon and Facebook two of the big stocks that had led the S&P’s rally over the past year, were among the biggest drags on Thursday trading down over 4 percent. Expedia fell over 18 percent in extended trading as it’s earnings fell below expectations on top and bottom lines, with revenue just missing estimates and earnings per share missed by a margin of 31 cents.

In Bond Markets U.S. Treasury yields rose on Thursday in choppy trading session after the Bank of England said interest rates probably need to rise sooner, adding to expectations of reduced central bank stimulus globally.  Benchmark 10-year note yields rose as high as 2.884 percent on Thursday, just below Monday’s four-year high of 2.885 percent. The notes closed down 6/32 in price to yield 2.853 percent. The Treasury saw relatively soft demand for a $16 billion sale of 30-year bonds on Thursday, the final sale of $66 billion in coupon-bearing supply this week. The debt sold at less than 1 basis point higher than where the bonds traded before the auction. Canadian government bond prices largely rose, with the two-year up 2.5 Canadian cents to yield 1.834 percent. The 10-year rose 1 Canadian cent to yield 2.373 percent.

Today’s inflection points

• 10:30 GMT+1 GBP Manufacturing production
• 10:30 GMT+1 GBP Trade balance
• 13:00 GMT+1 GBP NIESR GDP estimate
• 14:30 GMT+1 CAD Net change in full time employment