Tokyo, Japan (BBN)-Shares across Asia were mostly trading down on Monday, taking their lead from the US markets, which fell on news that the world’s largest economy shrank by 0.7% in the first quarter of 2015.
The benchmark Nikkei 225 was down 0.47% at 20,466.45 points, reports BBC.
Last week, the Nikkei marked its longest rising streak since a 13-day run in February 1988.
In Australia, the benchmark S&P/ASX 200 index was down 0.96% at 5,723.80, following the US trend.
Meanwhile, South Korea’s benchmark Kospi index was down 1.17% at 2,090.02 points after a private survey showed manufacturing activity in the country contracted in May for the third month in a row.
Official data also showed the country’s exports in May were down 10.9% compared to a year earlier, while imports were down 15.3%.
The numbers fuel concerns over South Korea’s faltering economic recovery.
In China, Hong Kong’s Hang Seng index was down 0.61% at 27,256.70, while the Shanghai Composite was bucking the regional trend in early trade, up just 0.10% at 4,616.19.
Fresh official numbers from the mainland showed activity in some of China’s big factories had increased slightly in May, in line with expectations.
The country’s official purchasing manager’s index (PMI), which measures items including new orders, showed an expansion from 50.1 in April to 50.2 in May.
A reading above 50 indicates expansion in the month, while a reading below 50 means there has been a contraction in the period.
Mainland shares had rattled global markets last week, falling as much as 6% on Thursday.
Analysts said there were a number of reasons for the falls, including brokerages tightening lending rules on margin financing.
Another wave of new share offerings this week is also expected to remove liquidity from the market.