Investors brace for fallout after hedge fund default reportedly triggered $20 billion fire sale of stocks

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With a number of banks said to be exposed to Archegos, investors are on the lookout for signs of contagion

David Rosenberg: Investors should look north because U.S. stocks are looking more and more overextended

“I don’t necessarily see that we’re going to have a big correction even with these block trades going on in the market,” Carol Pepper, Pepper International chief executive officer and founder, said on Bloomberg TV. “There is not a lot of bad news lurking that’s going to truly cause a major correction at least the next two to three months, therefore your dips are going to be modest.”West Texas Intermediate crude slid as much as 2.

Investors are focusing on the strength of the recovery, aided by vaccines, and inflation risks. Later this week, U.S. President Joe Biden plans to unveil a further stimulus program with a tilt toward infrastructure. U.S.-China ties are also in focus, after a report that Washington isn’t ready to lift tariffs on Chinese imports in the near future, but may be open to trade talks.Futures on the S&P 500 Index fell 0.4 per cent as of 11:08 a.m. London time. The Stoxx Europe 600 Index gained 0.

 

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