Asian shares slipped Monday lower following a sell-off last week on Wall Street as investors fretted over the impact on regional economies from inflation, the war in Ukraine and COVID-19 lockdowns in China.

Benchmarks declined in Japan, South Korea and Australia. Trading was closed for holidays in China and many other regional markets.

A report showing pandemic lockdowns have hurt factory activity in China, a main regional driver of growth, was a fresh source of concern.

The monthly purchasing managers’ index, released by China’s National Bureau of Statistics, fell to 47.4 in April, down from 49.5 in March on a 100-point scale. Numbers below 50 show activity contracting.

The COVID-19 outbreaks have impacted China’s factory activities and market demand, said the bureau’s statistician Zhao Qinghe.