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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European stocks edge higher, Credit Suisse tumbles | Malay MailFRANKFURT, March 30 ― European stocks edged higher in a choppy session yesterday, weighed down by Credit Suisse shares, which slumped following a warning of “significant” losses from exiting positions after US-based hedge fund Archegos defaulted on margin calls. The Swiss bank slipped 13.8...
Source: malaymail - 🏆 1. / 86 Read more »

European stocks subdued as Credit Suisse weighs | Malay MailBRUSSELS, March 29 — European stocks traded flat in a choppy session today, weighed down by Credit Suisse shares, which slumped following a warning of “significant” losses from exiting positions after a US-based hedge fund defaulted on margin calls. The Swiss bank slipped 13.9 per cent to a...
Source: malaymail - 🏆 1. / 86 Read more »