- Oracle to invest $6.5 bn in Malaysian cloud services region
- Parkrun marks 20 years of a free weekly jog, run... or walk
- Oil extends rally after Iran attack, Hong Kong soars again
- Prostitutes, prospectors drive spread in DR Congo mpox capital
- Oil extends rally after Iran attack, Hong Kong resumes surge
- Extreme heat another form of death sentence in Texas jails
- Can music help plants grow? Study suggests sound boosts fungus
- Nike earnings drop, says turnaround will take time
- US dockworkers launch mass strike a month before election
- Iron Dome: Israel's key anti-missile shield
- Cranes stand still as US dockworkers fight for 'future'
- GM reports US sales dip, but says EVs grew
- Sheinbaum takes office as Mexico's first woman president
- Webb telescope detects carbon dioxide on Pluto's largest moon
- Stock markets slump, oil jumps on Middle East concerns
- French PM vows more taxes and spending cuts ahead of budget fight
- Germany inaugurates IBM's first European quantum data centre
- Stock markets diverge as eurozone inflation drops further
- France's richest man takes control of Paris Match magazine
- Anger meets tear gas as Nigeria hardship protests fizzle out
- US dockworkers launch mass strike month before election
- Evacuations from Lebanon: what we know
- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
Stock markets retreat on weak global growth worries
Stock markets retreated Tuesday on renewed concerns over weak global growth, with a profit warning from the owner of Snapchat spooking investors and further shocking the tech sector.
It comes amid concerns over the impact of China's Covid-19 restrictions on the world's second-largest economy after the United States.
Monday's strong Wall Street rally, where the Dow closed up two percent, did not carry over into Asian and European trading.
Snap, the parent of social media app Snapchat, saw its share price slump more than a quarter in futures trading ahead of Tuesday's reopening of Wall Street.
"Snap provided a shock," noted Neil Wilson, chief market analyst at Markets.com.
The company "spooked the market with a macroeconomic warning that dented tech the most and pointed to earnings revisions that could drag the market lower for longer", he added.
The biggest faller in London Tuesday was however energy group SSE, whose share price dived around 10 percent on reports that the UK government may impose a windfall tax on excess profits enjoyed by electricity producers.
Prime Minister Boris Johnson has so far indicated he does not want to impose such a tax on oil and gas producers despite them also earning vast sums as prices soar.
Johnson argues an exceptional levy on the likes of BP and Shell would harm their efforts to invest in greener fuels like solar and wind power.
In China, Beijing's announcement Monday of a fresh raft of measures to stimulate the economy did little to calm investors' nerves.
China's economy has taken a hit from Beijing's zero-Covid approach to the pandemic, which has resulted in lengthy lockdowns of major cities and mass testing of millions of people.
Prolonged virus lockdowns have constricted supply chains, dampened demand and stalled manufacturing.
Investment banks UBS Group and JPMorgan Chase have responded by cutting their China economic growth forecasts.
"The lingering restrictions and lack of clarity on an exit strategy from the current Covid policy will likely dampen corporate and consumer confidence and hinder the release of pent-up demand," UBS economists including Tao Wang wrote in a research note.
Concerns over the Chinese economy and its impact on oil demand weighed on crude prices Tuesday.
- Key figures at around 1000 GMT -
London - FTSE 100: DOWN 0.3 percent at 7,488.05 points
Frankfurt - DAX: DOWN 0.8 percent at 14,056.39
Paris - CAC 40: DOWN 1.2 percent at 6,283.96
EURO STOXX 50: DOWN 1.1 percent at 3,669.62
Tokyo - Nikkei 225: DOWN 0.9 percent at 26,748.14 (close)
Hong Kong - Hang Seng Index: DOWN 1.8 percent at 20,112.10 (close)
Shanghai - Composite: DOWN 2.4 percent at 3,070.93 (close)
New York - Dow: UP 2.0 percent at 31,880.24 (close)
Euro/dollar: UP at $1.0711 from $1.0692 at 2030 GMT Monday
Pound/dollar: DOWN at $1.2489 from $1.2587
Euro/pound: UP at 85.77 pence from 84.92 pence
Dollar/yen: DOWN at 127.32 yen from 127.90 yen
Brent North Sea crude: DOWN 0.4 percent at $112.96 per barrel
West Texas Intermediate: DOWN 0.3 at $109.98 per barrel
D.Goldberg--CPN