In Asian Equity Markets Hong Kong shares declined Monday morning as businesses braced for major disruptions amid a general strike aimed at bringing the city to a pause. The benchmark Hang Seng index fell about 2.9% in morning trade. In Japan, the Nikkei 225 fell 2.35%, adding to its losses from last Friday where it had declined more than 2%. Shares of index heavyweight SoftBank Group fell 4.31%. South Korea’s Kospi fell 2.04%, as major technology and manufacturing names in the country sold off.

In Currency Markets China’s yuan tumbled more than 1% on Monday to 11-year lows on mounting fears over a sharp escalation in the U.S.-China trade war, sparking a sell-off in other currencies in the region. The broadening fallout of the trade dispute saw investors rushing into perceived safe-haven assets, with the Japanese yen rising to a seven-month peak. The yuan broke through 7 per dollar, which some market players have regarded as a major support level, falling to as low as 7.1097 per dollar in offshore trade and 7.0424 to the dollar onshore.

In Commodities Markets oil prices gained about 3% on Friday a day after recording their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports. For the week, crude oil benchmarks recorded a loss. Washington’s new tariffs on China, due to take effect on Sept. 1, intensify the trade war between the world’s top two economies. Any resulting economic slowdown could hurt crude demand. Brent crude futures for October delivery settled at $61.89 a barrel, up $1.39, or 2.3%.

In US Equity Markets indices extended their declines on Friday on renewed trade fears as the benchmark S&P 500 index and Nasdaq saw their worst weekly percentage declines since December. The S&P 500 lost 0.73%, to 2,932.05 and the Nasdaq Composite fell 1.32%, to 8,004.07. The Philadelphia Semiconductor index  slipped 1.6%, while shares of Apple fell 2.1%. Exxon topped analyst expectations but fell year-on-year, while Chevron’s earnings rose 26%, in line with forecasts. Sprint Corp shares fell 5.8% even after reporting fewer-than-expected phone subscriber losses in the quarter.

In Bond Markets U.S. Treasury prices rose on Friday, with 10-year yields posting their steepest weekly drop since 2012, as fears about the escalating U.S.-China trade war offset reassuring U.S. labor market data. The benchmark 10-year Treasury notes yielded 1.85%, down 3.30 basis points from late on Thursday. The yield fell to 1.83% earlier Friday, the lowest since November 2016.