Asian and European Markets Drop, Spirits Stocks Hit by Chinese Inquiry

Asian and European stock markets were largely in the red on Friday, rounding off a mixed first week of trading in the new year. Chinese markets led the fallers in Asia, with Hong Kong’s Hang Seng Index trading down 0.7%. The Chinese government said Friday that it had launched an anti-dumping investigation into brandy imported from the European Union in an escalation of trade tensions between the regions.