A stock-market indicator in Hong Kong in April. The Hang Seng reopened Monday after a holiday.
Photo: David G. Mcintyre/Zuma PressInternational shares had a weak start to the week, and oil prices declined, with disappointing corporate earnings and concerns about economic growth putting pressure on markets.
In morning trading in Hong Kong, E-mini S&P 500 futures retreated 0.8%, suggesting U.S. shares could fall on Monday.
Benchmarks in the region fell, with Hong Kong’s Hang Seng Index, which was closed for the previous two sessions, playing catch-up to lose more than 3%. South Korea’s Kospi Composite dropped 1.8%.
In Australia, the S&P/ASX 200 bucked the downtrend to advance 0.6%. Local financial technology firm Afterpay jumped 23%, after Chinese gaming and social-media group Tencent Holdings said Friday that it had bought a 5% stake in the company. Markets in mainland China and Japan were closed for holidays.
U.S. crude-oil futures for delivery in June fell 4.3% to $18.93 a barrel, while Brent crude, the global benchmark, declined 0.8% to $26.23.
U.S. stock indexes fell 2% to 3% Friday, weighed by results from technology heavyweights Amazon.com and Apple.
Kerry Craig, a Melbourne-based global-market strategist at J.P. Morgan Asset Management, said investors were concerned about growth, corporate profits and renewed tensions between leaders of the U.S. and China.
The Trump administration has stepped up assertions that the new coronavirus originated at a laboratory in the Chinese city of Wuhan, with . Secretary of State Mike Pompeo saying Sunday that he has seen “enormous evidence” for this.
Mr. Craig said many investors were concerned about what could lengthen a recession that most people assume will short. Some were happy to trim positions after a strong rally since the market troughed in March, he added.
Iris Pang, chief economist for Greater China at ING Bank in Hong Kong, said renewed concerns about tensions between the world’s two largest economies were reflected in the offshore-traded Chinese yuan. It was little changed at 7.1364 a dollar on Monday, after weakening nearly 1% on Friday. There was no trading of the more tightly controlled onshore yuan on Monday because of a public holiday.
Ms. Pang said she thought President Trump was likely to levy new tariffs on Chinese goods to help shore up his support ahead of the U.S. presidential election. She said a full-blown trade war could weaken the yuan beyond 7.2 a dollar.
Investors will have plenty of economic data to scrutinize this week, including trade figures from China due on Thursday and Friday’s U.S. employment report, which is likely to show heavy job losses and skyrocketing unemployment for April.
Write to Joanne Chiu at joanne.chiu@wsj.com
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