Asian markets mostly lower, echoing U.S. slide on rate worries

TOKYO — Asian shares were mostly lower Monday, reflecting pessimism over weakness on Wall Street as the squeeze by central banks around the world to curb inflation weighs on investor sentiment.

Japan’s benchmark Nikkei 225 NIK dropped 2% in morning trading. Australia’s S&P/ASX 200 XJO dipped 1.6% and South Korea’s Kospi 180721 dropped 2.4%. Hong Kong’s Hang Seng HSI was about flat, as was the Shanghai Composite SHCOMP . Benchmark indexes in Singapore STI , Taiwan Y9999 and Indonesia JAKIDX declined.

Wall Street ended last week with widespread selling, leaving major indexes with their fifth loss in six weeks. Data on European business activity was discouraging, and a separate report suggested U.S. activity is also still shrinking, though not quite as badly as in earlier months.

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