Asian stocks fall after China manufacturing weakens

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets are lower after Chinese manufacturing weakened and Russian shelling around Ukraine’s capital shook hopes of progress in peace talks. Shanghai, Hong Kong and Tokyo declined while Seoul gained. Oil fell nearly $7 per barrel in New York but stayed above $100. Wall Street’s benchmark S&P 500 index fell 0.6% after U.S. economic growth in the final quarter of 2021 was weaker than forecast. An index of Chinese manufacturing activity fell to a five-month low after much of Shanghai and two smaller industrial cities were shut down to fight coronavirus outbreaks. Markets were rattled by Russian shelling near Kyiv and another city after Moscow said it would scale back operations there to promote trust.