Despite a tepid beginning from Wall Street, Asian equities climbed Tuesday as dismal Chinese economy data revealed the deep cutbacks of Beijing’s zero-Covid policy, adding to inflation concerns.

To combat an Omicron-fueled tsunami, China has maintained its stringent zero-Covid policy, ordering lockdowns in numerous cities and closing factories and ports.

The impact of this policy on the world’s second-largest economy was evident Monday when official statistics showed that retail sales and industrial production fell to their lowest levels in more than two years in April on-year.

Surging inflation and Russia’s war in Ukraine have also roiled global markets, making investors nervous.

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