Asian stocks retreat

HONG KONG, May 16 (AFP) : Asian equities retreated Monday following last week's temporary rally on Wall Street due to fears of surging inflation and supply chain woes inflicted by Beijing's punishing zero-Covid policy.
World markets have been volatile for much of 2022, fuelled by uncertainty over supply chain snarls due to China's lockdowns, inflation pressures and anxiety over Russia's invasion of Ukraine.
Wall Street stocks closed Friday with a robust rally on the tech-rich Nasdaq after a tumultuous week that saw markets fluctuate based on US inflation data and an ongoing slump in Chinese exports.
One of the main drivers of volatility is China's continued lockdowns. Economic engine Shanghai in particular has been under strict virus restrictions since April, shuttering factories and pausing port activity.
The extent of the economic haemorrhaging was revealed Monday when China's National Bureau of Statistics announced that retail sales had slumped by 11.1 percent on-year in April and its industrial production sank 2.9 percent -- the lowest showing since March 2020.