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Good morning & Happy Friday. Snapchat’s weakness weighs on tech shares, doubts over the next BOE rate hike and Evergrande clings on. Here’s what’s moving markets.
Snap Inc. shares tumbled as much as 27% in extended U.S. trading, after the Snapchat owner forecast worse 4Q results than analysts had expected. It warned that changes to Apple’s data collection rules and global supply chain issues are weighing on advertising spending, tempering its earnings forecast for the fourth quarter. The warning cast a shadow over larger rivals Google, Facebook and Twitter — all declined in extended trading.