Nomura, Credit Suisse warn of big losses after US fund dumps stocks

ZURICH: Top global banks Nomura of Japan and Switzerland’s Credit Suisse warned Monday they could face significant losses following reports of their exposure to a US fund that sold billions in stocks last week.

Among the companies sold were top Chinese names such as Baidu Inc, Tencent Music Entertainment Group and Vipshop Holdingplus US giants such as ViacomCBS and Discovery. Across the Atlantic, Wells Fargo was down 3.6%, Morgan Stanley 2.8%, JPMorgan Chase 1.6% and Goldman Sachs 1.4%. Stephen Innes, chief global markets strategist at Axi, said investors “are looking with some concern to further large sales hitting financial markets” but the damage should be limited.

It said the estimate was subject to change depending on the unwinding of transactions and market fluctuations.

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