Shares fell in most Asian markets on Monday as interest rate hikes and a slowing Chinese economy weighed on investor sentiment.
Oil prices were higher and U.S. futures fell following sharp declines on Wall Street last week.
“The global investment community is slowly waking up to the idea we have touted for a long time: That there is a post-COVID-recovery-euphoria ‘hangover,’ coupled with associated inflation and now a European war and fresh inflation impetus as well as the world’s biggest port being closed,” said Clifford Bennett, Chief Economist at ACY Securities.
Apart from concerns about inflation and coronavirus restrictions, the war in Ukraine is still a major cause for uncertainty. More than 60 people were feared dead after a Russian bomb flattened a school being used as a shelter, Ukrainian officials said. Moscow’s forces pressed their attack on defenders inside Mariupol’s steel plant in an apparent race to capture the city ahead of Russia’s Victory Day holiday Monday.
The S&P 500 SPX fell 0.6% to 4,123.34. The Dow DJIA dropped 0.3% to 32,899.37. The Nasdaq COMP gave up 1.4% to 12,144.66. Smaller companies fell more than the broader market. The Russell 2000 RUT slid 1.7% to 1,839.56.
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