Hang Seng Index dives to end week on sour note
Most Asian stocks dropped on Friday as investors grew increasingly concerned about surging oil prices and bond yields, while key jobs data later in the day will be pored over for an idea about the US Federal Reserve's next interest rate move. In Hong Kong, the benchmark Hang Seng Index plunged 640 points, or 2.6 percent, to 23,972 on turnover of HK$145.8 billion. The tech index dropped 95 points, or 2.3 percent, to 4,157 while the China enterprises index fell 189 points, or 2.3 percent, to 8,030. Yields on US Treasuries and government debt in many other major economies spiked on Thursday as fears that the surging cost of energy caused by the Middle East crisis would force central banks to ramp up borrowing costs well into next year. And while they eased back in early business on Friday, angst continued to flow across trading floors, compounded by fresh worries of another flare-up in the US-Iran war. Both main crude contracts were down following the previous day's surge but they remain elevated with Washington and Tehran deadlocked on ending the crisis and unable to reopen the Strait of Hormuz. Adding to unease, Axios said the US military was sending more warships, jets and troops...
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