Shanghai — Asian stock markets fell on Friday despite signs of greater government support for firms in China, with global trade tension clouding the outlook for demand. The US dollar was near its highest levels in 13 months, while concern over disputes with Washington pushed the Turkish lira to record lows and piled pressure on the Russian rouble. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5%. A drop in South Korean tech companies dragged Seoul’s Kospi down 0.7%, as the country’s finance ministry highlighted high oil prices and US interest rate hikes as risks. Worry over the tit-for-tat China-US trade conflict dragged on shares in China, with the Shanghai Composite index dipping 0.1%. But the tech-heavy ChiNext Composite index rose 0.6%, extending Thursday’s strong gains. Josh Sheng, chief investment officer at Shanghai Tongshengtonghui Asset Management, said that reflected moves by Beijing to boost local firms, such as revamping a government leadership gr...
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