Markets Snap Out of It
Wednesday 25th May 2022Yesterday\u2019s upbeat sentiment was very short-lived, with a sharp fall in equities and bond yields today. A statement from Snap! about a worsening environment hitting revenue projections sent shares down across the board, but particularly advertising reliant tech stocks. That wasn\u2019t the only bad news of the day. As NAB\u2019s Tapas Strickland outlines in today\u2019s podcast, there\u2019s been a plunge in new home sales in the US, and a sharp fall in service PMIs in the UK. On the back of all of this, markets are expecting central banks to move a little slower on rate hikes, with the Fed\u2019s Raphael Bostic warning policy makers to \u2018proceed carefully\u2019. We also look at the RBNZ decision today and Australia\u2019s construction numbers this morning.
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