Asian stocks lower after Wall St ends May with gains

Asian stocks lower after Wall St ends May with gains

SeattlePI.com

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BEIJING (AP) — Major Asian stock markets fell Monday after Japan reported weaker-than-expect growth in factory output and Chinese manufacturing growth was flat.

Benchmarks in Shanghai, Tokyo and Hong Kong retreated while Seoul swung between small gains and losses.

On Wall Street, the benchmark S&P 500 index ended last week higher for a monthly gain in May of 0.5%.

Investors are wavering between optimism about consumer spending and factory output reviving and unease that rising inflation pressure might prompt governments and central banks to withdraw stimulus.

“It still feels like a market looking for direction in the face of uncertainty,” said Patrik Schowitz of JP Morgan Asset Management in a report.

The Shanghai Composite Index lost 0.3% to 3,490.27 after an industry group and the national statistics agency reported manufacturing activity held steady in May, adding to signs a rebound is leveling off.

The Nikkei 225 in Tokyo tumbled 0.8% to 28,928.69 after May retail sales fell 4.5% from the previous month and factory output rose above pre-pandemic levels for the first time but growth of 2.5% was lower than expected.

The Hang Seng in Hong Kong lost 0.4% to 28,995.86 while the Kospi in Seoul edged up less than 0.1% to 3,190.63.

The S&P-ASX 200 in Sydney was off less than 0.1% at 7,174.60. New Zealand and Jakarta gained while Singapore retreated.

On Wall Street, the S&P 500 ended up 0.1% on Friday at 4,204.11.

The index ended up for May after a bumpy few weeks of selling by investors who focused on the conflict between economic recovery and inflation.

The Dow Jones Industrial Average added 0.2% to 34,529.45. The tech-heavy Nasdaq gained 0.1% to 13,748.74.

The U.S. Commerce Department said Friday that personal consumption expenditures, a measure of...

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