BANGKOK (AP) — Shares were mostly lower in Asia and U.S. futures fell after China reported Monday that its economy expanded at a 4.8% annual pace in January-March.
Benchmarks fell in Tokyo, Seoul, Taipei and Shanghai. Seoul edged higher. Markets in Europe and in Hong Kong and Sydney were closed for holidays.
Wall Street benchmarks declined last week before closing for the Easter holiday.
China’s growth has fallen well below the official target of 5.5% for 2022. In quarterly terms the economy grew 1.3% in the first quarter, compared with 1.4% in the last quarter of 2021.
Authorities have ordered shutdowns in some major cities including Shanghai to battle the country’s worst outbreaks of coronavirus since it flared into a pandemic in March 2020. But the biggest impact of the shutdowns will likely be seen in the current quarter.
“Overall, the data suggest that China started the year well, but as the quarter has moved on the headwinds have gotten stronger,” Jeffrey Halley of Oanda said in a report.
The Shanghai Composite index fell 0.5% to 3,195.52. Tokyo’s Nikkei 225 index lost 1.1% to 26,799.71 while the Kospi in Seoul edged 0.1% lower, to 2,693.21. India’s Sensex dropped 2.2%.
The future for the S&P 500 lost 0.4% and that for the Dow Jones Industrial Average slipped 0.2%.
As trading resumed Monday in…
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