Shares of Europe’s largest banks plunged on Monday after extending credit to a major customer that was unable to fulfill its obligations.
The margin call launched Friday for US investor Archegos Capital Management continued the ripple in the markets. Nomura 8604,
Shares tumbled 16% in Tokyo after it said it had a $ 2 billion claim against a US client, while Credit Suisse CSGN,
It fell 10% in Zurich after it said a US hedge fund has defaulted on margin calls. Deutsche Bank DBK,
Which according to the Wall Street Journal, also pulled back from Archegos’ trades, down 5%, UBS UBSG,
Shares fell 3%.
Archegos holdings sold to fulfill margin demands included positions at ViacomCBS VIAC, the US media companies.
And Discovery Holdings C4XD,
And Chinese Internet companies Baidu BIDU,
Tencent Music TME,
And Vipshop VIPs,
More broadly, the Stoxx Europe 600 SXXP,
Was fixed, while ES00 US equity futures,
“Last week’s back and forth battle between optimists has ended with recovery and lockdown anxiety as the bulls regain the upper hand, and many global stock markets begin this short Easter week within walking distance of their latest date, or in some cases all the time,” said Ian Williams, analyst. Strategist at British brokerage firm Peel Hunt.
The Evergiven has been reshaped, an important step in the opening of the Suez Canal that now houses 450 accumulated ships.
Shares are up 3%, but are still trading about 12%, below their March highs. Huawei removed Adidas and Nike NKE,
From the App Store, the latest move by a Chinese company to punish Western clothing companies who boycotted Xinjiang cotton.