Stock markets are set to renew a selloff this morning as a grim forecast from Snapchat owner Snap gave investors another excuse to shed tech shares. The company warned of a macro environment that "deteriorated further and faster than we anticipated," saying it was unlikely to meet its (already conservative) revenue and profit guidance for Q2.  Snap only reported earnings a month ago, meaning that the economic landscape appears to have changed drastically over the last several weeks. The firm will also slow hiring and postpone some planned staff additions until next year.  The stock had fallen over 50% this year so far, and is down another 38% this morning. 

The latest gathering of the world's political and business elite, plus the usual smattering of celebrities, is taking place this week at the Swiss Alpine resort of Davos. While the annual meeting of the World Economic Forum is usually broadcast in January, it was delayed multiple times this year due to COVID-19. As a result, headlines aren't making as much of their usual waves, but then again, many have already dismissed the pure hypocrisy of the gathering. 

China's zero-COVID policy is having many knock-on effects across its economy, as well as for multinationals located in the country. Airbnb is shutting down its domestic operations from the summer, halting its rental home offerings and experience listings.