Adding to the dour mood was data showing Chinese manufacturing activity shrank last month at its fastest pace since the start of the pandemic.
Markets started down on Monday but the losses narrowed on hopes the US and Russian leaders would hold talks on Ukraine.HONG KONG - Asian markets fell in holiday-thinned trade on Monday following another tech-led rout on Wall Street, with a focus on the Federal Reserve's expected interest rate hike this week.
Trading floors around the world have been buffeted for months by a perfect storm of crises including China's lockdowns, surging inflation, Fed plans to hike rates, elevated oil prices and the war in Ukraine. However, with some commentators warning rates could go as high as three percent, there are also worries the Fed could be too heavy-handed and tip the US economy into recession.
Beijing on Friday further flagged plans to provide support to the economy and signalled an easing of a painful tech crackdown. But the announcement follows several other recent pledges and traders are yet to see any concrete measures, with most wanting to see a softer approach to controlling the virus.
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