Asian Shares Slide On China Growth Concerns

(RTTNews) - Asian stocks fell on Friday amid lingering worries about tighter U.S. Federal Reserve policy and slowing global growth.

The U.S. dollar edged lower in Asian trade but was on track to post its eighth weekly gain. Oil prices were muted but headed for another weekly gain on signs of tight supply.

Chinese shares fell slightly, weighted down by the gloomy trade data released the previous day and escalating Sino-U.S. tensions as Beijing eyed broadening the iPhone ban to state firms and agencies.

The benchmark Shanghai Composite index slipped 0.18 percent to 3,116.72. Hong Kong's markets were closed due to a tropical storm.

Japanese shares tumbled after government data showed Japan's GDP grew less than earlier estimated in the last quarter and wages slumped in July, underscoring the fragile state of the country's economy.

GDP grew by an annualized 4.8 percent in the April-June quarter, below the earlier estimate of 6 percent growth and expectations for a revised 5.5 percent expansion. The Nikkei average fell 1.16 percent to 32,606.84 while the broader Topix index settled 1.02 percent lower at 2,359.02.

Mobile game and ad company CyberAgent lost 6.8 percent to led losses. Tech stocks were among the biggest drag, with chip-making equipment giant Tokyo Electron falling 3.8 percent.

Seoul stocks finished marginally lower to extend losses for a fourth consecutive session, with tech and auto stocks pacing the declines. Chipmaker SK Hynix plunged 4.1 percent.

Australian markets ended in the red, dragged down by miners. BHP, Rio Tinto and Fortescue Metals Group dropped 1-2 percent.

The benchmark S&P/ASX 200 index slid 0.20 percent to 7,156.70 and lost 1.7 percent for the week, marking its biggest weekly loss since Aug 18. The broader All Ordinaries index settled 0.23 percent lower at 7,358.10.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index ended down 0.72 percent at 11,344.11.

U.S. stocks ended mostly lower overnight as fears grew over China's iPhone curbs and initial jobless claims fell to their lowest level since February, raising worries about sticky inflation and interest rates.

The tech-heavy Nasdaq Composite shed 0.9 percent to extend losses for a fourth day running and the S&P 500 eased 0.3 percent while the Dow inched up 0.2 percent.