Disappointing guidance from Snapchat set the tone for wider Asia-Pac trade, with the tech name shedding ~30% in after hours dealing, dragging other social media names with it. This resulted in underperformance for the NASDAQ 100 (-1.5%) amongst the 3 major e-mini futures contracts. Losses in the S&P 500 (-0.9%) & DJIA (-0.5%) contracts were a little more limited, owing to tech sector weightings within those indices.
- Continued worry re: Chinese economic growth, despite Monday’s (limited) fiscal stimulus announcement, combined with Hong Kong playing down the likelihood of an imminent relaxation of COVID-related border controls, weighed on Hong Kong & Chinese equities. The Hang Seng & CSI 300 both shed over 1.0% during their respective morning sessions.