TOKYO (AP) — Asian shares slipped Monday lower following a sell-off last week on Wall Street as investors fretted over the impact on regional economies from inflation, the war in Ukraine and COVID-19 lockdowns in China.
Benchmarks declined in Japan, South Korea and Australia. Trading was closed for holidays in China and many other regional markets.
A report showing pandemic lockdowns have hurt factory activity in China, a main regional driver of growth, was a fresh source of concern.
The monthly purchasing managers’ index, released by China’s National Bureau of Statistics, fell to 47.4 in April, down from 49.5 in March on a 100-point scale. Numbers below 50 show activity contracting.
The COVID-19 outbreaks have impacted China’s factory activities and market demand, said the bureau’s statistician Zhao Qinghe.
Some enterprises have reduced or stopped production, with disruptions in logistics as well as the supply or raw materials and components.
