Global shares mostly fall as rate hikes, China slowdown loom

TOKYO  — Global shares fell on Monday as interest rate hikes and a slowing Chinese economy weighed on investor sentiment, AP reported.

European shares fell in early trading and Asian benchmarks also declined.

China reported its exports rose 3.7% over a year earlier in April to $273.6 billion, down sharply from March’s 15.7% growth, as global demand weakened. That added to pressure on the world’s second-largest economy after Shanghai and other industrial cities were shut down to fight virus outbreaks.

Imports crept up 0.7% in April to $222.5 billion, in line with the previous month’s sub-1% growth.

Companies and investors worry the ruling Communist Party’s “zero-Covid” strategy that temporarily closed most businesses in Shanghai and other industrial centers is disrupting global trade and activity in autos, electronics and other industries.