Daily Morning Call
From the Floor: Snap plunges 9% to all-time lows — #SaxoStrats
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Shares of social media giant Snap Inc. fell 9% to new lows below $16/share as the firm's own underwriter, Morgan Stanley, issued a downgrade and as competition from the likes of Instagram complicates its outlook. Meanwhile, oil prices are shooting higher and USD is weaker across the board.
• Snap shares plunge as product developing slower than expected
• Snap shares plunge as product developing slower than expected
• 'The whole US tech sector remains overvalued': Garnry
• Chinese banks head higher as regulator says risk under control
• German 10-year yield spikes north of 60 bps as Merkel calls for ECB tightening
• Crude oil rallies sharply on US inventories, production data
• Fed chair Yellen's testimony to be released at 1230 CET