Global technology shares fell on Friday as a sell-off in semiconductor stocks deepened, dragging Asian markets sharply lower and setting a downbeat tone for European and US trading. The declines were compounded by a weak earnings report from Netflix, whose shares dropped more than 8% in after-hours trading after the company forecast its smallest year-on-year quarterly revenue growth in over two years, fuelling investor concerns about competition and slowing momentum in tech.

Elsewhere, the UK government's decision to nationalise British Steel drew a sharp rebuke from China, whose commerce ministry said it was "strongly dissatisfied" and warned the move damaged Chinese investor confidence in Britain; the firm had been under Jingye's ownership before the state stepped in to protect production at Scunthorpe. Separately, the Port of Dover braced for one of its busiest weekends of the year as post-Brexit EU border checks threatened to cause long delays for holidaymakers, while Burberry reported a sales boost driven by younger, gen Z shoppers.