Global markets fell on Friday after China's Shanghai stock index sank to its lowest level in more than one year amid renewed concerns about the world's second-largest economy. The price of oil fell below $30 per barrel.

European stocks opened higher but quickly fell. Britain's FTSE 100 dropped 1.5 percent to 5,832.45 while Germany's DAX lost 1.4 percent to 9,657.65. France's CAC 40 dropped 1.4 percent to 4,252.75. Futures showed that Wall Street was set for losses. Dow and S&P futures each dropped 1.7 percent.

The Shanghai Composite Index finished at 2,900.97, down 3.6 percent. It was its lowest close since Dec. 8, 2014, and also below its level during the summer when its crash sent jitters across global financial markets. China's official Xinhua News Agency reported that banks' new yuan loans during the last month fell over a year earlier, in a sign that momentum for the credit that fuels economic growth was slowing.

"The fact that China's fiscal and monetary stimulus is not reaching China's most important part of the economy should be a major concern," said Angus Nicholson, a market analyst at IG in Melbourne, Australia. "China's ongoing consumption and tertiary sector growth requires the small and medium enterprises and private sectors to continue to thrive."

Investors may get more insight into how the U.S. economy is doing on Friday. Reports on consumer sentiment, retail sales and manufacturing are all due. Japan's Nikkei 225 lost 0.5 percent to 17,147.11 and South Korea's Kospi slid 1.1 percent to close at 1,878.87. Hong Kong's Hang Seng dropped 1.5 percent to 19,520.77. Australia's S&P/ASX 200 fell 0.3 percent to 4,892.80. Stocks in Southeast Asia were mixed.

The price of crude oil fell again after a rebound in the previous session, helping to push down energy stocks. Benchmark U.S. crude fell $1.74 to $29.46 per barrel in New York. Brent crude, a benchmark for international oils, fell $1.31 to $29.57 per barrel in London. The euro rose to $1.0923 from $1.0859, while the dollar fell to 117.05 yen from 118.20 yen.