HONG KONG: Asia stocks sank Friday, capping a choppy week, following losses in New York and Europe, with Apple suppliers taking a hit after the tech giant’s shares tumbled in US trade.
Oil prices also retreated after hitting new six-month highs after the International Energy Agency predicted a global supply glut would ease in the second half of 2016.
Tokyo was one percent lower following after some disappointing earnings reports but Nissan soared almost five percent a day after saying it will buy a one-third stake in scandal-hit Mitsubishi for $2.2 billion.
But Mitsubishi was down almost five percent after soaring more than 16 percent Thursday on the buyout talk.
Apple suppliers were under pressure after the US giant fell 2.4 percent in New York, extending a sell-off that began on April 26 when it reported its first ever drop in iPhone sales.
Japan Display sank 5.2 percent in Tokyo Friday, while Alps Electric lost 3.2 percent and Seoul-listed LG Display sank 3 percent.
