U.S. stock indices fell on Friday amid declines in oil prices. WTI crude fell below $36 per barrel to its lowest price in nearly seven years.

The Dow Jones Industrial Average plunged 309.54 points, or 1.8%, to 17,265.21 (-3.3% over the week). The S&P 500 lost 39.86 points, or 1.9%, to 2,012.37 (-3.8% over the week; all of the index's 10 sectors closed lower with the energy sector leading declines with a 3.4% drop). The Nasdaq Composite fell 111.71 points, or 2.2% to 4,933.47 (-4.1% over the week).

Investors were also cautious ahead of this week's FOMC meeting. The central bank of the U.S. is expected to raise interest rates.

This morning in Asia Hong Kong Hang Seng fell 1.11%, or 238.35, to 21,225.70. China Shanghai Composite Index climbed 0.50%, or 17.10, to 3.451.68. The Nikkei fell 2.12%, or 407.10, to 18,823.38.

Asian indices traded mixed. Chinese brokerage and banks stocks climbed offsetting declines in other sectors after the China Foreign Exchange Trade System said the yuan can be stable in medium to long term. The PBOC said on Friday the yuan would no longer be linked to the U.S. dollar, but did not specify a date of implementation.

Data showed on Saturday China's industrial production rose by 6.2% y/y in November compared to a 5.6% increase reported previously. Economists had expected a 5.6% rise. Meanwhile November retail sales rose by 11.2% y/y compared to +11.0% reported previously. Analysts had expected a reading of +11.1%.

Japanese stocks fell amid declines in U.S. equities and a mixed report from the Bank of Japan. The Tankan index for large producers came in at 12 in the fourth quarter exceeding expectations for 11 points and matching the previous reading. However the outlook for business activity declined to 7 from 10 reported previously.