General
Big banks lose ground on Wall Street after US hedge fund defaults on loans linked to share trades
Big banks have weighed on Wall Street after warnings of potential losses from a hedge fund’s default on margin calls, although optimism about the US economy limited the falls.
Key points:
- US hedge fund Archegos Capital defaulted on its share trading loans
- It caused Credit Suisse shares to plunge 14 per cent and Nomura to fall 16.3 per cent
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Dow Jones up 0.3 per cent to 33,171, S&P 500 down 0.1 per cent to 3,971, Nasdaq 0.6 per cent to 13,060
Japan’s largest investment bank Nomura and Swiss banking giant Credit Suisse are facing billions of dollars in losses after US hedge fund Archegos Capital defaulted on margin calls, share market bets made with borrowed money, putting investors on edge about who else might have been caught out.
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