In Asia, China slipped 0.1% while Japan shed nearly 2%. The Shanghai was stagnant throughout the session culminating with a narrow loss. Reports of extended lockdowns seemed to keep a cap on equities. In Japan, the Nikkei was led lower by SoftBank. The market heavyweight shed 8% after reporting its fiscal year results. Automakers stood out on the upside with names such as Subaru and Mazda gaining 5-6%.
In Europe, the major bourses tracked Wall Street lower. The UK’s preliminary Q1 GDP underwhelmed, rising 0.8% but shy of the consensus of 1.0%. Corporate earnings did little to boost sentiment. Global conglomerate, Siemens, fell 6% after reporting its second quarter results. Additionally, Commerzbank dropped 3% and Merck KGaA lost 4% after first quarter results failed to entice investors.