After the US market cash equity market closed Snapchat owner Snap warned of deteriorating macroeconomic trends and said it is unlikely to fulfil revenue and profit estimates for the second quarter. From a company filing:

  • "the macroeconomic environment has deteriorated further and faster than anticipated. As a result, we believe it is likely that we will report revenue and adjusted EBITDA below the low end of our Q2 2022 guidance range".

SNAP shares dropped over 20% and the fall was contagious, tech leaders Meta and Alphabet both dipped, as did many others. The NASDAQ gapped lower upon its reopen for (US) evening trade:

nasdaq snap 22 24 May 2022

As the morning in Asia progressed the USD gained ground. AUD, NZD and CAD all fell notably against the big dollar. As did GBP and EUR. USD/JPY popped briefly above 128.00 before dropping back to be, as I update, little changed for the session.

Data releases were relatively minor. NZ retail sales for Q1 came in down q/q following the very strong rebound in the previous quarter. Preliminary PMIs from Australia and Japan for May remained above the 50 line, all in expansion.

Federal Reserve Kansas City President George spoke. Her comments gave no hints any departure from the expected path ahead for two consecutive 50bp rate hikes.