Stock market today: Asian shares track Wall Street slump triggered by strong US spending data

Asian shares have skidded following a slump on Wall Street after higher yields in the U.S. bond market cranked up pressure on stocks. Benchmarks in China fell even after Beijing reported the Chinese economy grew at a surprisingly fast 5.3% annual pace in the first quarter of the year. On Monday, the S&P 500 fell 1.2% and the Dow Jones Industrial Average slipped 0.7%. The Nasdaq composite dropped 1.8%. Treasury yields spurted higher after a report showed American shoppers spent more at retailers last month than expected. Markets are in an awkward phase where such strength raises hopes for growing profits at companies but also hurts expectations for easier interest rates.