Asian shares retreated on Friday as a slew of factors, including sagging commodity and crude oil prices, renewed concerns about the health of the Chinese economy and an impending U.S. interest-rate hike fueled risk aversion.
China's Shanghai Composite index fell 52.06 points or 1.43 percent to 3,580.84 while Hong Kong's Hang Seng index closed down 492.78 points or 2.15 percent at 22,396.14. Chinese banks' profit growth dropped to 2 percent in the first nine months from 13 percent a year earlier because of higher bad debt charges, according to data released by the industry regulator.
Japanese shares snapped a seven-day winning streak after U.S. and European stocks tumbled overnight, pummeled by concerns about slowing global growth. The benchmark Nikkei average fell 100.86 points or 0.51 percent to 19,596.91, while the broader Topix index slid 0.49 percent to close at 1,585.83. Utilities paced the declines, with Kansai Electric Power losing 2.3 percent while Chubu Electric Power shed 1.5 percent.
Toshiba slumped 5.9 percent on news its U.S. unit Westinghouse had booked write-downs totaling $1.3 billion in fiscal 2012 and 2013. Market heavyweight Fast Retailing declined 0.8 percent and mobile carrier Softbank Corp retreated 2.1 percent. Mitsubishi UFJ Financial Group advanced 1.5 percent on a Nikkei report it plans to buy back around 100 billion yen ($815 million) of own shares.
On the economic front, Japan's industrial output grew 1.1 percent in September from the previous month, slightly faster than the 1 percent increase estimated initially, official data showed. The yen rose against the dollar today as investors turned cautious ahead of U.S. retail sales data due later in the day and Japanese Q3 GDP data due on Monday.
Australian shares tumbled as mining and energy stocks bore the brunt of a sell-off in commodity prices. The benchmark S&P/ASX 200 fell as much as 2.3 percent before recovering some lost ground to end the session down 74.40 points or 1.45 percent at 5,051.3. For the week, the benchmark index lost 3.1 percent. The broader All Ordinaries index closed down 70.40 points or 1.36 percent at 5,111.8.
BHP Billiton dropped 1.8 percent, weighed down by the rout in commodity prices and the Brazilian mine disaster. Rival Rio Tinto shed 1.7 percent and Fortescue Metals Group lost 3 percent. Gold miners Newcrest Mining and Evolution Mining lost 4-5 percent as gold prices hit five-year lows.
Oil & gas producer Santos slumped 7.7 percent after crude prices fell below $45 a barrel for the first time in three months on signs of rising U.S. inventories. Banks ANZ, Commonwealth and NAB fell 1-2 percent. Property developer Lend Lease Group slid 1.8 percent after unveiling plans to expand overseas.
Seoul shares succumbed to heavy selling pressure after various Fed officials on Thursday backed a December rate hike. The benchmark Kospi average dropped 20.07 points or 1.01 percent to 1,973.29 on institutional selling. For the week, the index fell 3.3 percent. Automakers and pharma stocks led the declines. Market heavyweight Samsung Electronics shed 1.3 percent.
New Zealand shares fell for a second consecutive session, with the benchmark NZX-50 closing down 34.93 points or 0.58 percent at 5,989.03. Steel & Tube Holdings slumped 5.4 percent after the steel products manufacturer forecast a drop in first-half profit, citing pressure on margins amid increasing low-priced Chinese steel.
A2 Milk lost 3.3 percent on profit taking after climbing almost 20 percent in the past three sessions. Mighty River Power, Air New Zealand and New Zealand Refining rose 2-7 percent.
India's Sensex was down about 1 percent as disappointing inflation and industrial output data added to worries over U.S. rate rise.
Malaysian shares were marginally lower, Singapore's Straits Times index was losing 1.1 percent and the Taiwan Weighted fell 1.2 percent, while Indonesia's Jakarta Composite index was moving up 0.3 percent.
Malaysia's economy grew 4.7 percent in the third quarter from a year ago, official data showed, marking the slowest pace of expansion in over two years.
On Wall Street, stocks tumbled overnight to close near session lows as falling commodity prices weighed on energy and material stocks and investors mulled over when rates would begin to rise. The Dow and the S&P 500 dropped about 1.4 percent each, while the tech-heavy Nasdaq slid 1.2 percent.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.