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.
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After ending Monday firmer, Nasdaq futures lost 1.5 per cent, with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble 28 per cent.
S&P 500 futures slipped 0.9 per cent, surrendering some of Monday's 1.8 per cent bounce. EUROSTOXX 50 futures fell 0.5 per cent and FTSE futures 0.6 per cent.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.8 per cent in hesitant trading. Japan's Nikkei fell 0.8 per cent and Chinese blue chips 1.1 per cent.
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 per cent annualised, previously ‒1.5 per cent," warned analysts at JPMorgan.