Wall Street joins worldwide swoon Tokyo

World stocks on Monday remained under pressure on growing concerns about interest rate hikes by central banks amid stubborn inflation. Elsewhere in Asia, markets in Tokyo and Seoul settled lower, while Shanghai ended higher. Markets were closed in Hong Kong for a holiday. Bourses in Europe were also quoting lower in the afternoon session.

Wall Street is tumbling toward its lowest point in more than a year on Monday as renewed worries about China's economy pile on top of markets already battered by rising interest rates. The S&P 500 was 2.2% lower in morning trading after coming off its fifth straight losing week, its longest such streak in more than a decade. It joined a worldwide swoon for markets Monday.

Global shares fell as interest rate hikes and a slowing Chinese economy weighed on investor sentiment. European shares fell in early trading and Asian benchmarks also declined. China reported its exports rose 3.7 per cent over a year earlier in April to $273.6 billion, down sharply from March's 15.7 per cent 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 per cent in April to $222.5 billion, in line with the previous month's sub-1 per cent 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.