Asian equities could trade on the backfoot as US futures reopened the trade negative amid disappointing recession fear after cloudy guidance from tech name Snapchat that fell ~30% after-hours. The company suggested that warned Q2 EBITDA and revenue would miss the low end of its guidance due to a deterioration in the macroeconomic conditions. NASDAQ futures shed over 1.5%, with the S&P 500 futures dropping ~1.0%.
On the geopolitical front, it is worth noting that the late New York trade saw the traders looking through remarks from Russian Foreign Minister Lavrov as he pointed towards the expedition of deeper Sino-Russian ties. Investors will be waiting for the FOMC Minutes, which could gauge Committee members’ thoughts on how far US rate hikes will need to go and their views of the neutral rate.
