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Shares of Europe’s largest banks fell on Monday after granting credit to a major customer who could not meet his obligations.
A margin call triggered on Friday by US investor Archegos Capital Management continued to spread in the markets. Nomura 8604,
shares slipped 16% in Tokyo after it said it had a $ 2 billion claim against a US client, while Credit Suisse CSGN,
fell 10% in Zurich after saying a US hedge fund defaulted on margin calls. Deutsche Bank DBK,
which, according to the Wall Street Journal, also settled Archegos deals, fell 5%, and UBS UBSG,
stocks fell 3%.
The holdings of Archegos that were sold to meet margin calls included positions in US media companies ViacomCBS VIAC,
and Discovery Holdings C4XD,
and Chinese Internet companies Baidu BIDU,
Tencent Music TME,
and Vipshop VIPS,
More broadly, the Stoxx Europe 600 SXXP,
was stable, while US equity futures ES00,
decreases.
“Last week’s battle between recovery optimists and lockdown fretters ended with the rally by the top bulls, and many global stock markets start this shortened Easter week at a striking distance from their recent , or in some cases all time highs, ”said Ian Williams, strategist at UK brokerage Peel Hunt.
Ever Given has been refloated, a milestone in the deforestation of the Suez Canal which now has a backlog of 450 ships.
ADS Adidas,
stocks rose 3%, but still traded around 12% below their March highs. Huawei deleted Adidas and Nike NKE,
of its app store, the latest initiative by a Chinese company to penalize Western clothing brands that have boycotted cotton from Xinjiang.
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