However, overnight, Snap's stock tumbled more than 30% after the CEO said quarterly growth and sales guidance would not be met, due to rising inflation, supply chain shortages, and the conflict in Ukraine.

The results of a survey of Japanese businesses also dampened the mood, with manufacturing activity expanding at its slowest pace in three months in May.

The FTSE 100 was down 0.7% this morning. Royal Mail is among the biggest drags on the index, after JPMorgan lowered its recommendation on the stock.

 

Things to read today:

Dimon says “Storm Clouds” Over the US Economy May Dissipate (Bloomberg)

Bond’s Descent Stalls Amid Stock Turmoil (Wall Street Journal)

West braces for Shanghai shock as zero-Covid nightmare ends (Daily Telegraph)