In European Equity Markets the pan-European Stoxx 600 was down 2.4% by the end of the session, basic resources and auto stocks falling 4.6% and 3.4% respectively as all sectors traded in the red. Tech stocks also among the biggest losers falling 3.6%. Automotive parts supplier Valeo and Faurecia fell near to the bottom of the Stoxx 600, while at the other end of the European blue chip index, Austrian plant engineering group Andritz climbed 5.9% after reporting strong second-quarter orders and cash flow.

In Currency Markets the dollar weakened against the Japanese yen on Friday morning to a seven-month low after U.S. employment growth in July slowed as expected, which along with re-escalated U.S.-Chinese trade tensions, may make a case for the Federal Reserve to cut interest rates again in September. The dollar fell 0.63% against the Japanese yen last at 106.65. Versus the euro it was 0.14% weaker at $1.1099. The Swiss franc, which like the yen serves as a safe-haven investment in volatile markets, was 0.66% stronger to 0.9836 franc per dollar.

In Commodities Markets oil prices rallied nearly 3% on Friday, a partial rebound from their biggest daily drop in several years on U.S. President Donald Trump’s promise to impose more tariffs on Chinese imports. The tariffs, due to take effect on Sept. 1, intensify the trade war between the world’s top two economies and oil consumers. Any resulting economic slowdown could hurt crude demand. Benchmark Brent crude was up $1.74, or 2.9%, to $62.24 a barrel. Brent fell more than 7% on Thursday, the steepest daily decline in more than three years.

In US Equity Markets indices fell to one-month lows on Friday after a sharp escalation in U.S.-China trade tensions and tepid job growth in July reinforced fears of a global economic slowdown. The S&P 500 was down 0.57%, at 2,936.86. The Nasdaq Composite fell 0.85%, at 8,042.53. The Philadelphia Semiconductor index slipped 1.06%, while shares of Apple fell 1.5%. NetApp Inc fell 20.7% after the data storage equipment maker lowered its forecast for the first quarter and 2020, blaming a weakening macro environment.

In Bond Markets Germany’s 30-year government bond yield turned negative for the first time ever on Friday as investors scrambled to buy less risky assets after an escalation in the U.S.-China trade conflict. The yield on the benchmark German 10-year note fell below -0.50 bps for the first time. Germany’s 30-year bond yield briefly dropped more than eight basis points to hit -0.006%. Other core euro zone bond yields were between two and five basis points lower.