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· Asian shares slipped on Friday, knocking a global stock index off its path to hitting an all-time peak as investors turned cautious, fearing a new U.S. law backing Hong Kong protesters could torpedo efforts to end the U.S.-China trade war.

MSCI All Country world index .MIWD00000PUS, which tracks shares in 49 countries, was down 0.39% at 548.48, less than 0.4% away from all-time peak hit in January last year before the start of U.S.-China trade war.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell more than 1%. Hong Kong .HSI led the dip with losses of 2%. South Korean shares .KS11 lost 1.4% and Japan's Nikkei .N225 eased 0.5%.

Markets were sold off due to uncertainty over how U.S. markets will perceive the latest clash between Washington and Beijing over Hong Kong.

· Japanese shares declined on Friday amid lingering worries U.S. legislation backing Hong Kong protesters could derail a prospective U.S.-China trade deal, though they managed a third consecutive month of gains.

The benchmark Nikkei average dropped 0.5% to 23,293.91 but were up 1.6% for the month. For the week, it eked out a 0.8% gain, to mark its first weekly rise in three weeks.

U.S. S&P 500 mini futures were last down 0.3%. New York markets were shut on Thursday for Thanksgiving holiday and many investors kept to the sidelines on Friday, waiting to see how U.S. markets perceive the latest clash between Washington and Beijing over Hong Kong.

· China stocks closed lower on Friday, with the benchmark Shanghai index ending at a three-month low, as doubts emerged regarding the prospects of Sino-U.S. tariff talks, amid fresh trade-war headlines.

The blue-chip CSI300 index fell 0.9%, to 3,828.67, while the Shanghai Composite index ended down 0.6% at 2,871.98, the lowest closing level since Aug. 26.

For the week, CSI300 shed 0.6%, while SSEC retreated 0.5%, both logging third straight week of drops.

· European markets traded lower on Friday amid strained relations between the U.S. and China over protests in Hong Kong.

The pan-European Stoxx 600 fell 0.4% in early deals, with basic resources shedding 0.9% to lead losses while utilities climbed 0.3% as one of only two sectors trading in positive territory.