TWTR

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38.23
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38.23
USD
2.25%
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52 weeks
52 weeks

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GLOBAL MARKETS-Asia stocks skid with U.S. futures, euro holds gains

SYDNEY, May 24 (Reuters) - Asian shares slid on Tuesday as relief at a rally on Wall Street was punctured by a retreat in U.S. stock futures, while the euro held near one-month highs as odds narrowed on a July rate rise from the ECB. After ending Monday firmer, Nasdaq futures NQc1 lost 1.5%, with traders blaming an earnings warning from Snap SNAP.N which saw shares in the Snapchat owner tumble 28%. S&P 500 futures ESc1 slipped 0.9%, surrendering some of Monday's 1.8% bounce. EUROSTOXX 50 futures STXEc1 fell 0.5% and FTSE futures FFIc1 0.6%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.8% in hesitant trading. Japan's Nikkei .N225 fell 0.8% and Chinese blue chips .CSI300 1.1%. Markets had taken some comfort from U.S. President Joe Biden's comment on Monday that he was considering easing tariffs on China, and from Beijing's ongoing promises of stimulus. Unfortunately, China's zero-COVID policy, with attendant lockdowns, has already done considerable economic damage. "Following disappointing April activity data, we have downgraded our China GDP (gross domestic product) forecast again and now look for 2Q GDP to contract 5.4% annualised, previously ‒1.5%," warned analysts at JPMorgan. "Our 2Q global growth forecast stands at just 0.6% annualised rate, easily the weakest quarter since the global financial crisis outside of 2020." Early surveys of European and U.S. manufacturing purchasing managers for May due on Tuesday could show some slowing in what has been a resilient sector of the global economy. Japan's manufacturing activity grew at the slowest pace in three months in May amid supply bottlenecks, while Toyota 7203.T announced a cut in its output plans. Analysts have also been trimming growth forecasts for the United States given the Federal Reserve seems certain to hike interest rates by a full percentage point over the next two months. The hawkish message is likely to be driven home this week by a host of Fed speakers and minutes of the last policy meeting due on Wednesday. The European Central Bank is also turning more hawkish, with President Christine Lagarde surprising many by opening the door for a rate rise as early as July. That saw the euro at $1.0665 EUR=, having bounced 1.2% overnight in its best session since early March. It now faces stiff chart resistance around $1.0756. The dollar also retreated versus sterling and a range of currencies, taking the dollar index down 0.9% overnight. It was last up a fraction at 102.240 =USD. Meanwhile the euro had jumped sharply to 136.05 Japanese yen EURJPY=, while the dollar faded a little to 127.65 yen JPY=. The pullback in the dollar helped gold regain some ground to $1,855 an ounce XAU=. GOL/ Oil prices were caught between worries over a possible global downturn and the prospect of higher fuel demand from the U.S. summer driving season and Shanghai's plans to reopen after a two-month coronavirus lockdown. O/R U.S. crude CLc1 eased 66 cents to $109.63 per barrel, while Brent LCOc1 lost 70 cents to $112.74. Asia stock marketshttps://tmsnrt.rs/2zpUAr4 Asia-Pacific valuationshttps://tmsnrt.rs/2Dr2BQA (Editing by Kenneth Maxwell and Kim Coghill) ((Wayne.Cole@thomsonreuters.com; 612 9171 7144; Reuters Messaging: wayne.cole.thomsonreuters.com@reuters.net)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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