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Big banks lose ground on Wall Street after US hedge fund defaults on loans linked to share trades – ABC News

Some of the world’s biggest banks are facing huge losses after a US hedge fund defaulted on its loans linked to share trades.

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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
  • 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…

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