Asian stocks fell on Monday, extending losses from last week as concerns over rising interest rates and a potential recession in 2023 weighed on sentiment, with uncertainty over China’s economic reopening also denting regional markets.

 COVID-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai, with illness and absence thinning already light trade and forcing regulators to cancel a weekly meeting vetting public share sales.

U.S. retail sales posted their biggest decline in 11 months in November, in a sign that high prices, depleted savings and a weakening economic outlook have caught up with the American consumer.

Production at U.S. factories dropped more than expected in November as a decline in the output of motor vehicles offset gains elsewhere, according to data on Thursday, which showed manufacturing retaining some momentum.

U.S. retail sales fell more than expected in November, but consumer spending remains supported by a tight labor market, with the number of Americans filing for unemployment benefits decreasing by the most in five months last week.

China has officially launched a trade dispute at the World Trade Organization (WTO) against the United States, challenging Washington's chip export curbs, the WTO said on Thursday.