We begin with trade frictions between China and the United States. Beijing has slapped higher import duties on several US agricultural products in response to President Donald Trump's trade moves against China. After the measures announced by the world's two biggest economies, Wall Street on Friday saw the second day of big losses, giving US stocks their worst week in two years. The Dow Jones Industrial Average lost over 400 points, or 1.8 percent, the lowest point since last November.

The S&P 500 index dropped 55 points, or over 2 percent. The S&P's financial sector was its biggest percentage loser, at 3 percent. The Nasdaq composite fell 174 points, or 2-point-4 percent.  For the week, the Dow was down about 5-and-a-half percent, the S&P 500 was down nearly 6 percent, and the Nasdaq was down 6-and-a-half percent. That marked their biggest weekly percentage falls since January 2016.

Also taking a hit were Chinese stock markets, which closed lower as trade tensions rose. The benchmark Shanghai Composite Index was down 3 percent to end at around 31-hundred points. It lost 3-point-5 percent over the week. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 4 percent. Hong Kong's market also felt the jolt. The Hang Seng Index fell more than 2 percent to end at 30-thousand points. Tech shares tumbled, and index heavyweight Tencent plunged 4-and-a-half percent.