Despite an initial Wall Street rally because to a strong US jobs data, Asian equities slumped Monday as investors remained concerned about inflation and the lingering impact of China’s Covid lockdown measures.

A number of problems, including rising inflation, rising interest rates, China’s economic slowdown, and the war in Ukraine, have taken a toll on global markets.

After the US Labor Department revealed that the world’s largest economy added a better-than-expected 428,000 jobs in April, the unemployment rate remained at a low 3.6 percent, stocks on Wall Street rose briefly on Friday.

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