Here is what you need to know. Chinese stocks tank to their lowest level since January 2016. China's Shanghai Composite fell 1.34% on Friday, settling at its lowest level since January 28, 2016, as trade-war fears and a domestic deleveraging campaign by Chinese authorities weighed. The lira is tumbling after the US said it's ready to kick its battle against Turkey up a notch. The Turkish lira plunged as much as 8.77% Friday morning after US Treasury Secretary Steven Mnuchin threatened further sanctions against Turkey if it did not release the detained American pastor Andrew Brunson.