Financial site: Markets, Business & Economic

Snaps shares open at lowest since market debut


´╗┐Snap Inc's shares fell as much as 10.4 percent on Tuesday, opening at their lowest since a blockbuster market debut last week. Snap's shares hit a low of $21.30 in early trading on Tuesday, wiping out more than $9 billion of the company's market capitalization from Friday's high. Shares surged 44 percent in a hotly anticipated listing on Thursday, valuing the parent of Snapchat, an app popular with young people for its disappearing messages, at $28.3 billion, on par with CBS Corp and Target Corp. However, none of the analysts have initiated the stock with a "buy" rating.

Of the six analysts, four recommend "selling" the stock, with two having "neutral" ratings, according to Thomson Reuters data. Needham analyst Laura Martin on Monday rated Snap "underperform" and compared its stock to buying a lottery ticket.

Snap has been heavily traded in its first three days, rolling over the number of shares sold in the IPO more than twice.

China's ZTE pleads guilty, settles with U.S. over Iran sales NEW YORK Chinese telecommunications equipment maker ZTE Corp has agreed to plead guilty and pay $892 million to settle with U.S. authorities over allegations it violated U.S. laws restricting the sale of American-made technology to Iran, the company said on Tuesday.

LinkedIn says no agreement with Russia on restoring access to site MOSCOW LinkedIn Corp. said on Tuesday it had failed to reach an agreement with the Russian authorities that would see them lift the block on the social networking website.

U.S. to probe some Ford imports of hybrid electric vehicles, parts WASHINGTON The U.S. International Trade Commission said on Tuesday it has launched a patent-infringement investigation into imports of certain hybrid electric vehicles and parts by Ford Motor Co.

Sterling slips as Brexit talks get green light, stocks subdued before Fed


´╗┐Sterling slipped on Tuesday after Britain's parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union, while stocks were subdued ahead of an expected U.S. interest rate later in the week. The pound GBP=D4 retreated 0.1 percent to $1.2201 after both houses backed the so-called Brexit bill, opening the door for May to start the clock on the required two-year negotiation period by the end of this month. The euro EUR=EBS hovered at $1.06545, failing to regain any of Monday's 0.2 percent loss. On Monday, sterling had jumped 0.36 percent after Scotland's First Minister Nicola Sturgeon demanded a new independent referendum in late 2018 or early 2019, once the terms of the UK's exit from the EU are clearer. The MSCI's broadest index of Asia-Pacific shares outside Japan . MIAPJ0000PUS was flat in early trade, while Japan's Nikkei . N225 dropped 0.1 percent.

Investors in Asia were also awaiting manufacturing, retail sales and investment data out of China at 0200 GMT for a reading on the strength of the world's second-largest economy, after strong gains in import and producer price reports last week. On Monday, Goldman Sachs upgraded Chinese stocks to "overweight" on better growth prospects and a bullish view on the country's banking sector. Strategists cited rising producer prices and easing credit stress, and a brighter credit outlook and loan pricing for banks. Overnight, Wall Street was mixed, with the Dow Jones Industrial Average . DJI down 0.1 percent, while Nasdaq . IXIC rose 0.24 percent and the S&P . SPX was little changed.

With an interest rate hike this week by the Federal Reserve fully priced in, markets are focused on signals from the central bank about the pace of future rises. Elsewhere in currencies, the dollar was steady at 114.84 yen JPY=, after touching a seven-week high on Monday on expectations of a Fed move at the end of a two-day meeting on Wednesday. It fell back to close slightly lower in the previous session. The dollar index . DXY was fractionally higher at 101.37, extending Monday's gains following a bout of profit taking at the end of last week.

Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election. U.S. Treasury Secretary Steven Mnuchin will be "pushing hard" to advance U.S. interests in his debut G20 meeting, including reaffirming commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday. In commodities, oil prices dipped 0.1 percent. They touched a 3-1/2-month low in the previous session as concerns about rising U.S. production offset optimism about supply cuts by the Organization of Petroleum Exporting Countries. The looming U.S. rate increase weighed on gold XAU=. The precious metal inched down 0.1 percent to $1,201.91 in early trade, adding to Monday's losses.