Asia stocks restrained as US futures retreat

Asia stocks restrained as US futures retreat

After ending Monday firmer, Nasdaq futures lost 1.3% with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble 28%.







Reuters









May 24, 2022 / 06:10 AM IST





Asian shares got off to a sluggish start on Tuesday after a rally on Wall Street was soured by an early slide in U.S. stock futures, while the euro was near one-month highs as odds narrowed on a July rate rise by the ECB.

After ending Monday firmer, Nasdaq futures lost 1.3% with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble 28%.

Snap is the first of the major tech apps to report and could cast a shadow over Facebook owner Meta Platforms and Twitter which report next week.

S&P 500 futures also lost 0.6%, surrendering some of Monday's 1.8% bounce.

MSCI's broadest index of Asia-Pacific shares outside Japan was left almost flat as a result, while Japan's Nikkei dipped 0.1%.

Markets have taken some comfort from U.S. President Joe Biden's comment that he was considering easing sanctions on China, and from Beijing's ongoing promises of stimulus.

Unfortunately, China's zero-COVID policy, with attendant lockdowns, has already