Industrial conglomerates GE and 3M, and chipmakers Texas Instruments and SK Hynix cautioned that China's COVID-19 led stringent curbs were further disrupting battered supply chains and hurting their revenue.

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China's "zero COVID" policy to combat the Omicron variant has brought fresh lockdowns in many cities, forcing factories to shut and worsening a global supply chain logjam. That has cast a pall over financial markets worried about a hit to the world economy, which is only just recovering from the pandemic-led slump.

And even as companies scramble to keep up with soaring costs of everything from labour to raw materials, the Russian invasion of Ukraine and related Western sanctions have driven up energy prices.

"Collectively, supply chain issues, the Russia-Ukraine war and China COVID impacts adversely affected revenue in the quarter by about 6 percentage points," General Electric CEO Larry Culp told an earnings call on Tuesday (Apr 26).

Culp, who does not expect GE to fully offset inflation this year, said the company was scrutinising costs "to size the business for the new realities", and moving towards a more decentralised way of running its business closer to its customers to improve prices.

3M, another American industrial giant, said on Tuesday that China's lockdowns, along with the Ukraine crisis, had slowed sales in April.