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(Bloomberg) -- Japanese stocks sank deeper into the red on Friday, with the Topix index tumbling into a technical correction as it led Asian equities lower for a second day.Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLocal Governments Vie for Fired Federal WorkersLondon Clears Final Hurdle for More High-Speed Trains to EuropeWhat Would ‘Transportation Abundance’ Look Like?Investors continue

US President Donald Trump signalled openness to negotiations regarding the announced reciprocal tariffs on Thursday, as US stock markets nosedived on tariff shocks. Wall Street experienced its worst session since the 2020 pandemic period.View on euronews

Losses in the S&P 500 and Nasdaq [.N]steepened after Federal Reserve chair Jerome Powell said President Donald Trump's new tariffs are "larger than expected" and the economic fallout including higher inflation and slower growth likely will be as well, pointing to the potentially difficult set of decisions ahead for the central bank. The global selloff in stocks came amid a move into low risk assets like U.S. government bonds even as safe-haven gold recoiled from Thursday's record high along side a further slide in crude oil on fears that a trade war would cause a global recession,.

(Reuters) -Indian pharmaceutical stocks fell 4.4% on Friday, wiping out gains from the previous session, after U.S. President Donald Trump threatened steep tariffs on the sector. "Pharma (tariffs) is going to be starting to come in, I think, at a level that you haven't really seen before," Trump told reporters aboard Air Force One. "That will be announced in the near future, and is under review right now," Trump said.

World shares slid downward, U.S. futures fell and Wall Street appeared on track for another day of crushing losses Friday as investors counted the potential costs of U.S. President Donald Trump’s latest set of tariffs — including China's retaliatory match of a 34% tariff on imports of all U.S. products. Trump announced a minimum tariff of 10% on global imports and much higher taxes on products from China, the European Union and even smaller countries like Vietnam, slapped with tariffs of 49%.

It's been another day of pain in Asia with the Nikkei down 3% and a stomach-churning 9.6% for the week, the biggest drop since the pandemic hit in March 2020. Wall St futures started steady but have since slipped around 0.7% while European stock futures are off 0.3% to 0.6%.

"The risks to our reduced oil price forecast are to the downside, especially for 2026, given growing risks of recession and to a lesser extent of higher OPEC+ supply," Goldman analysts said in a note. Brent crude was priced at $69.59 a barrel as of 0408 GMT on Friday, while WTI was at $66.39.