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Asian Markets Slide Following Sharp Decline on Wall Street - Asian markets extended their losses in morning trade on Friday after U.S. stocks closed sharply lower overnight.

Apple-related stocks continued to fall after the technology giant cut its quarterly revenue forecast on Wednesday.

iPhone supplier Taiyo Yuden Co., Ltd. (T:6976) fell more than 10%, while TDK Corp (T:6762) declined nearly 8% and Japan Display Inc (T:6740) more than 5%.

Foxconn Technology Co Ltd (TW:2354), which trades as Hon Hai Precision Industry, was down 3%.

"Stock flows are very limited, with many investors choosing to sit and simply wait to see what happens, which is causing mass volatility," said Masato Futoi of Tokai Tokyo Securities. "Those who are selling are getting rid of Apple-related stocks."

Japan’s Nikkei 225 plunged as much as 3.9% in morning trade as traders returned from an extended new-year break. Data on Friday showed the final Markit/Nikkei Japan Manufacturing Purchasing Managers' Index (PMI) was a seasonally adjusted 52.6 in December.

In China, the Shanghai Composite traded 0.7% lower, while the Shenzhen Component slipped 0.1% by 8:56 PM ET (01:56 GMT).

Hong Kong’s Hang Seng Index was down 0.5%.

China’s Caixin/Markit services purchasing managers' index (PMI) rose to a six-month high of 53.9 in December, up from 53.8 in the previous month and well above the 50.0 mark separating growth from contraction.

It had slipped to a 13-month low in October.

Meanwhile, reports on Friday said U.S. and China would begin another round of trade talks next week. Deputy U.S. Trade Representative Jeffrey Gerrish will lead the U.S. delegation for the negotiations on Jan. 7 and 8, the Commerce Ministry said in a statement.

Elsewhere, Australia’s ASX 200 fell 1%, while South Korea’s KOSPI was little changed.

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