Asian shares follow global sell-off on China

Asian markets extended the week's losses on Friday, following a heavy sell-off in New York and Europe in reaction to another batch of poor Chinese data and flaring tensions in Ukraine. Traders scurried into lower-risk assets such as the yen owing to growing economic uncertainty and geopolitical fears. Tokyo tumbled 2.73 per cent by the break, Hong Kong lost 0.67 per cent, Sydney shed 1.26 per cent, Shanghai was 0.71 per cent lower and Seoul slipped 0.51 per cent. Apart from mild bargain-buying gains on Tuesday and Thursday, regional shares have been in a downward spiral this week since China said at the weekend it had seen a surprise trade deficit in February and exports had slumped, according to AFP.