Premarket: World stocks snap winning streak as Meta’s disappointing forecasts hammer tech

World stocks snapped a three-day winning streak on Thursday as disappointing forecasts from Facebook and Instagram parent Meta hammered tech, while the yen’s drop through 155 per dollar for the first time since 1990 kept FX traders on intervention alert.

. Recent hotter-than-expected inflation reports have pushed back and reduced expectations for Federal Reserve interest rate cuts, with markets now pricing in roughly a 70% chance of a first reduction in September. They are not even fully convinced there will now be another one this year, having expected around six cuts at the start of the year.

On Thursday, the yen was fetching 155.65 per dollar after touching 155.675, its weakest in 34 years, during the Asian session. It is also past the 155 yen level that some traders had marked as the latest line in the sand for Japan to act.

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