U.S. markets slumped on Friday. The DOW JONES lost -1.79% closing at 17,280.83 points, the S&P 500 declined -1.62%, with a final quote of 2,002.33 points. It was the worst performing week of the S&P index since May 2012 although the Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to 93.8 in December from a final reading of 88.8 in November, exceeding expectations for an increase to 89.6. Falling oil prices and weak data from China fuelled concerns about global demand and overshadowed the strong U.S. consumer confidence data.

Hong Kong's Hang Seng is trading -1.05% at 23,004.50. China's Shanghai Composite closed at 2,953.66 points, a gain of +0.53%.

Japan's Nikkei lost -1.57% closing at 17,099.40 at a four-year low although Prime Minister Shinzo Abe led his ruling coalition to a landslide victory at this weekend's snap elections securing a two-third majority of the lower house of parliament now controlling 325 of the 475 seats. The outcome of the elections backs up Prime Minister Abe's "Abenomics", his structural reforms and monetary and fiscal stimulus