By Riva Gold 
   -- U.S. stocks set to end the week higher 
 
   -- Shanghai Composite extends losses 
 
   -- Lira falls 

Global markets were mostly steady Friday, capping a rocky week driven by a crisis in Turkey, a selloff in Asian technology shares and concerns about world trade.

The Stoxx Europe 600 was flat midmorning after a strong finish on Wall Street and a small rise in Japanese and South Korean stocks. Futures pointed to a 0.1% opening advance for the Dow Jones Industrial Average following its biggest one-day gain in four months.

Healthy earnings from companies like Walmart and an apparent de-escalation of trade and geopolitical tensions have helped many markets stabilize toward the end of the week, money managers said.

"The corporate backdrop remains very strong in the U.S. and I don't see that changing," said Richard Saldanha, equity fund manager at Aviva Investors.

Still, many investors remain on edge about the situation in Turkey and other emerging markets amid a strengthening U.S. dollar and rising interest rates. A popular benchmark of emerging market stocks is near bear-market territory while India's rupee is around record lows.

Turkey's lira, a key proxy this week of stress in emerging markets, was down 3.7% Friday, but up around 6% for the week.

The recent rebound in the Turkish currency came after Qatar announced a $15 billion support package and the country's banking regulator moved to limit the amount of the local currency banks can swap for foreign currencies with counterparts.

Beyond Turkey, concerns about China's technology sector, its currency, and trade relations between the U.S. and Beijing have been key drivers of global markets in recent sessions.

Signs of a modest breakthrough in U.S.-China trade relations helped markets recover Thursday after officials said they would hold lower-level talks later this month on the trade dispute.

Still, the Shanghai Composite was down another 1.3% Friday, deepening heavy declines from recent sessions.

Prices of commodities have also remained under pressure for most of the week, with copper down 4.5% and Brent crude oil off 2% since Monday. Both were little changed Friday.

"Commodities weakening tells us [investors] aren't overly optimistic on the rebound potential of China," said Matthew Miskin, market strategist at John Hancock Investments.

Some investors say recent policy developments have been harder to stomach than the political uncertainties around issues like North Korea that had previously been in focus, creating more volatility in markets.

"Korea we thought was all noise [...] so we bought back on that" said David Vickers, senior portfolio Manager at Russell Investments. More recently, however, he has lightened up on equity exposure.

"With trade, we have to be a little more circumspect because we have the potential for a tit-for-tat race to the bottom that could have significant ramifications for earnings."

In Hong Kong, the Hang Seng edged up 0.4% after five sessions of losses as index heavyweight Tencent Holdings rebounded 3.4%. Shares of the internet giant remained down roughly 9% for the week after it reported its first year-over-year quarterly profit drop in more than a decade.

Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

August 17, 2018 05:40 ET (09:40 GMT)

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