Asian shares sink as China says 1Q growth at 4.8%

Shares were mostly lower in Asia after China reported Monday that its economy expanded at a 4.8% annual pace in January-March.

Benchmarks fell in Tokyo, Taipei and Shanghai. Seoul edged higher. Hong Kong and Sydney were closed for holidays. Oil prices rose and U.S. futures were lower.

Wall Street benchmarks declined last week before closing for the Easter holiday.

China’s growth has fallen well below the official target of 5.5% for 2022. In quarterly terms the economy grew 1.3% in the first quarter, compared with 1.4% in the last quarter of 2021.

Authorities have ordered shutdowns in some major cities including Shanghai to battle the country’s worst outbreaks of coronavirus since it flared into a pandemic in March 2020. But the biggest impact of the shutdowns will likely be seen in the current quarter.