Chinese stocks fell as traders returned from the Golden Week holidays, with tourism data trailing some expectations and global uncertainties denting sentiment.

The CSI 300 Index dropped as much as 1.1% on Monday, its first trading session in more than a week. Much has happened overseas while the mainland market was shut, with a Treasuries selloff roiling world markets and oil surging following Hamas’ surprise attacks on Israel over the weekend.

Tourism revenue from China’s Golden Week holiday jumped year-on-year to edge above its pre-Covid level, but still fell short of government estimates. Manufacturing and services data released during the break suggest the broader economy is far from roaring back, with the property market crisis showing little signs of abating.

“It’s sort of tricky to call [the market] at this point because the external environment has been very complicated,” Hao Hong, chief economist at Grow Investment Group, said in a Bloomberg TV interview. “There are pluses and minuses, so for a trader, he or she may find it a little difficult to trade the overall index.”

Overall, pessimism towards Chinese markets remains prevalent, with the CSI 300 Index down more than 5% this year and heading close to erasing all its gains from the reopening rally that took off in October 2022.

Past stock market performances after the Golden Week holidays were mixed. The CSI benchmark slid 2.2% when trading resumed on Oct. 10 last year, while it rose 1.3% on Oct. 8 in the previous year.

Trading in Hong Kong was suspended for Monday’s morning session due to Typhoon Koinu.