Markets mostly fell on Friday.
The S&P 500 fell 0.1 percent, the STOXX Europe 600 fell 1.0 percent but the Nikkei 225 rose 0.5 percent.
Oil prices fell 3 percent on Friday after Russia and Saudi Arabia indicated they might increase output at next week’s OPEC meeting.
Markets were hit by news that the US would impose tariffs on Chinese imports, a move which sparked immediate retaliation from Beijing.
Elsa Lignos, global head of FX strategy at RBC Capital Markets, said that the US move “shouldn’t come as a surprise, given how well-flagged these tariffs have been” but added that they “could still cause some risk aversion”.
However, US stocks on Friday mostly recovered from early falls related to the trade tension. Robert Pavlik, chief investment strategist at SlateStone Wealth, said: “The market could be in a position to give something back if this persists, but unless things really escalate, I don’t think that will last.”
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