The Hang Seng was down 9.5 percent for the week, its biggest weekly loss since October 2008.All sectors fell on mainland and Hong Kong bourses, led by financial and property shares.
In Europe, markets were unnerved also by the Bank of England's indication on Thursday that it could raise its key interest rate in coming months due to stronger global economic growth.
North American markets largely pushed higher Friday after a choppy session, capping off a tumultuous period that has seen Canada's main stock index drop more than five per cent since last week and eight per cent from its all-time high.
The week had started badly after last Friday's strong United States jobs report that also showed rising U.S. wage growth, increasing speculation the Federal Reserve will lift rates more than the three times already expected this year.
Tencent Holdings, the most valuable company listed in Hong Kong, fell 3.1% to HK$407.40 after briefly dropping below the HK$400 level earlier in the day.
Investors anxious rising wages will hurt corporate profits and could signal an increase in inflation that could prompt the Federal Reserve to raise interest rates at a faster pace, putting a brake on the economy.
The SSE50, which tracks the 50 most representative blue-chips in Shanghai, fell 4.6 percent. Boeing, Goldman Sachs and Home Depot took some of the worst losses. The Nasdaq composite fell 274.82 points, or 3.9 percent, to 6,777.16. Even after this week's losses, the S&P 500 index is up 12.5 percent over the past year.
The market, now in its second-longest bull run of all time, had not seen a correction for two years, an unusually long time. Many market watchers have been predicting a pullback, saying stock prices have become too expensive relative to company earnings.
'Chinese markets showed signs of a rebound from the previous day with better performance in technology and small stocks but the spillover effect from United States stocks was too strong.' said Zhang Yanbing, an analyst with Zheshang Securities. "However, our view remains that it's just another correction", said Shane Oliver of AMP Capital in a report. It's still up 15 percent over the past year. Employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent. Manufacturing is rebounding. Households and businesses are spending freely. And major economies around the world are growing in tandem for the first time since the Great Recession.
However, many analysts are upbeat about the future owing to healthy economic conditions in the U.S. and global economies as well as the positive outlook for corporate earnings after Donald Trump's massive tax cuts in December. The stock now has a 52-week low of 0.066 and high of 0.108. Accern also assigned media coverage about the Wireless communications provider an impact score of 45.1989588840299 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company's share price in the near term. Many investors justified that by pointing out that interest rates were low and few alternatives looked like better investments.
After a blistering 2017 and January, markets worldwide have gone into a spasm in the past two weeks on fears that the booming global economy and rising inflation will lead to higher interest rates.
In currency markets, the dollar edged up to 108.84 yen from Thursday's 108.73 yen. The euro dipped to $1.2244 from $1.2248.
The March crude contract was down US$1.95 to US$59.20 per barrel and the March natural gas contract was down 11 cents to US$2.58 per mmBTU.
Crude oil futures fell sharply Wednesday, extending a recent slump after data showed US oil inventories dropped for a second week in a row.
Brent crude, used to price worldwide oils, lost 44 cents to $64.37 in London.
It had already fallen 1.6 per cent on Thursday, with declines accelerating towards the end of the trading day.
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