In European Equity Markets the pan-European Stoxx 600 was off by more than 0.2 percent with most sectors losing value. Autos stocks were the worst performers, down 1.17 percent, as worries mounted over the impact of a potential trade war on the sector. The FTSE 100 index closed 0.30 percent lower. Italy’s FTSE MIB was the worst performing index in the continent, down 1.89 percent. Apple suppliers STMicroelectronics and Austria Microsys were down by 1.18 percent and 6.13 percent respectively.

In Currency Markets the US dollar rose on Friday after a four-day losing streak, while perceived safe-haven currencies such as the yen gained as investors grew cautious ahead of what is expected to be a contentious G7 meeting in Canada later in the session. Despite Friday’s gains, the dollar was on track for its largest weekly drop since late March. Trade disputes between the United States and its major partners will be in the spotlight, with the Mexican peso and the Canadian dollar leading losers. The peso fell to its weakest level against the dollar in 16 months on Friday.

In Commodities Markets oil prices fell on Friday, extending losses as JP Morgan cut its crude price forecast, after already weakening on concerns about surging U.S. output weighed and falling demand in China. Brent crude futures fell $1.04 to $76.30 a barrel. U.S. West Texas Intermediate (WTI) crude futures recovered some earlier losses to trade 61 cents lower at $65.33. For the week, U.S. crude was set to fall 0.2 percent, while Brent was set to fall 0.6 percent. JP Morgan cut its 2018 crude forecast for WTI by $3 to $62.20 a barrel, traders said. The bank did not immediately respond to a request for the report.

In US Equity Markets stocks fell on Friday as fears over a trade war escalated ahead of the G7 summit in Canada and shares of Apple and its suppliers fell, following a report that the iPhone maker was planning to produce fewer phones this year. The S&P 500 was down 1.91 points, or 0.07 percent, at 2,768.46 and the Nasdaq Composite was down 11.52 points, or 0.15 percent, at 7,623.56. Verizon was nearly a percent lower after the company named chief technology officer and former Ericsson boss Hans Vestberg as its new chief executive officer on Friday.

In Bond Markets U.S. Treasury yields were little changed on Friday as traders await for outcome of the Group of Seven summit, fretting about the growing trade tension between the United States and its major allies on global economic growth. The yield on benchmark 10-year Treasury notes was 2.930 percent, down 0.3 basis point from late on Thursday. The 10-year yield has a roller-coaster two weeks. It was on track to increase about 4 basis points this week, reversing last week’s drop and a seven-week low tied to fears about political turmoil in Italy.