US Future Snap Warning Hit Social Firms Sync: Markets Rap 7

(Bloomberg) – Asian stocks appear poised for a mixed start on Tuesday as traders digested an initial sell-off in U.S. equity futures and more Chinese moves to boost the world’s second-largest economy.

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U.S. futures have been at their worst with the Nasdaq 100 deal after Snapchat owner Snap Inc. warned of a macroeconomic trend decline and said it was unlikely to meet its revenue and profit forecast for the second quarter. Social media heavyweight meta platform Inc. falls into post-market trading, while internet search giant Alphabet Inc.

The future has slipped in Japan. U.S. stocks closed higher, aided by President Joe Biden’s remarks that China’s tariffs imposed by the Trump administration are being reviewed. Financial and energy stocks led to gains.

China will offer 140 billion yuan ($ 21 billion) in additional tax relief as it seeks to offset the effects of the coronavirus lockdown that has plagued the economy. Chinese stocks traded higher in the United States.

Dollars and bonds have declined. The euro rallied after European Central Bank chief Christine Lagarde announced higher interest rates in July.

Equities have been volatile as investors assess the outlook for monetary policy, inflation and the impact of China’s austerity policy on the global economy. The minutes of the most recent Federal Reserve rate-setting meeting will provide market insights into the US Federal Reserve’s tightening this week.

Margaret Patel, senior portfolio manager at Allspring Global Investments on Bloomberg Television, said: “It’s a big risk that the Fed is not getting the signal for a big economy and is moving forward with a very aggressive austerity program.” “But if they look at the real world there, they will see that it is time to take a big break and at that point we will evaluate the market and probably try to find a way out without a recession.”

Elsewhere, JPMorgan Chase & Co. Its head, Jamie Damon, said a “storm cloud” could blow over the US economy.

Geopolitics will be closely monitored after Biden’s remarks about Taiwan threatened to escalate tensions with Beijing.

In Europe, Russia’s blockade of Ukrainian ports is a “declaration of war” that threatens mass immigration and a global food crisis, a UN official said in a statement issued on the opening day of the World Economic Forum in Davos.

Here are some important events to watch this week:

  • Eurozone S&P Global PMIs Tuesday

  • US New Home Sales, S&P Global PMIs Tuesday

  • The Reserve Bank of New Zealand decided the rate on Wednesday

  • FOMC minutes Wednesday

  • The ECB released its financial stability review on Wednesday

  • Bank of Korea rate decision on Thursday

  • US GDP, primary unemployment claims Thursday

  • US original PCE price index; Personal income and expenses; Wholesale inventory; University of Michigan Consumer Feelings Friday

Some of the major rice in the market:

Stock

  • The S&P 500 futures fell 0.9% at 7:20 a.m. in Tokyo. The S&P 500 rose 1.9% on Monday

  • Nasdaq 100 futures down 1.6%. The Nasdaq 100 rose 1.7% on Monday

  • Nikkei 225 futures fell 0.6%

Coin

  • The Bloomberg Dollar Spot Index fell 0.7%

  • The Japanese yen has changed slightly to 127.90 per dollar

  • The offshore yuan was 6.6603 per dollar

  • The euro was $ 1.0692

Bond

Merchandise

  • West Texas Intermediate crude fell 0.2% to $ 110.02 a barrel

  • Gold was priced at $ 1,853.59 per ounce

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