Asian shares mostly fall as rate hikes, China slowdown loom

Shares are lower in most Asian markets as interest rate hikes and a slowing Chinese economy weigh on investor sentiment

TOKYO -- Shares fell in most Asian markets on Monday as interest rate hikes and a slowing Chinese economy weighed on investor sentiment.

Oil prices were higher and U.S. futures fell following sharp declines on Wall Street last week.

Benchmarks declined across the region. Jakarta’s benchmark fell 4%.

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.