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ASX to edge up, US stocks stumble on Snap, data

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Australian shares are set to open up, in contrast to more selling in New York. Snap plunges 41 per cent, taking tech still lower. Bitcoin steady. $A edges lower.

: The regulator has blindsided NBN Co by rejecting its proposed aggressive price increases for wholesale broadband, opening the way for a reset of its economics.Fitch lost nearly a third of its market value after the retailer cut its annual forecasts for sales and margins and posted a surprise quarterly loss due to a surge in freight and raw material costs.

The 30-year fixed-rate mortgage jumped above 5 per cent in April for the first time since February 2011, according to data from mortgage finance agency Freddie Mac. It has surged, averaging 5.25 per cent in the week ending May 19.European shares ended lower on Tuesday, tracking declines in global stock markets with business expansion data for May renewing investor concerns over slowing economic growth and monetary policy tightening.

At the close of trade, Hong Kong’s Hang Seng Index was down 357.96 points or 1.8 per cent at 20,112.10. The Hang Seng China Enterprises index fell 2 per cent to 6883.14.The Shanghai Composite index ended 2.4 per cent lower at 3070.93, posting its biggest drop since April 25.

 

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