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NEW YORK - Nomura and Credit Suisse are facing billions of dollars in losses after a U.S. hedge fund, named by sources as Archegos Capital, defaulted on margin calls, putting investors on edge about who else might have been caught out.
Losses at Archegos, run by former Tiger Asia manager Bill Hwang, had triggered a fire sale of stocks on Friday, a source familiar with the matter said.
The S&P 500 was off 0.1%, paring losses seen in futures over night. The news has sparked fears that other lenders could be in the process of exiting these positions too. The S&P Financials index was down about 1.0% and the Banks sub-index was off 1.9%.
CHRISTOPHER MARINAC, DIRECTOR OF RESEARCH, JANNEY MONTGOMERY SCOTT, ATLANTA
"This is an ideal excuse for any investor to take profits in financials."
"Banks have done very well this first quarter."
"The real question is whether this becomes a bigger systemic incident that lingers for several weeks."
"The fundamentals for the banking industry are still really good."
"If the banks have to take a loss on something, there should be plenty of earnings to handle it."
"Their capital is also very strong."
EDWARD MOYA, SENIOR MARKET ANALYST AT OANDA (email)
"It does seem like the Friday beatdown for Viacom CBS, Discovery, and many Chinese tech stocks is a one-off event. Undoubtedly the over leveraging done by Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, will force every prime brokerage to review their books. When you look at the stocks that were incorrectly bet on, Wall Street must ponder if the V-shaped stock market recovery got out of hand.
"A US-based hedge fund defaulted on margin calls and while the reopening of the economy trade will continue, the path higher for US stocks will be complicated and filled with fresh risks. US stocks will likely finish the year much higher, but markets will remain on edge as hedge scrutiny will intensify."
DENNIS DICK, HEAD OF MARKET STRUCTURE AND A PROPRIETARY TRADER, BRIGHT TRADING LLC, LAS VEGAS
“I think it spooked the market to a certain extent. But rumors are rumors - we don't have confirmation on any of this and the Street always seems to find these rumors.”
“You still have this problem of where the money is supposed to go. Even when you get these pullbacks on worries about a hedge fund blowing up, people think of this as a buying opportunity across the board. People with the mentality to come in and buy the dip and I don't know if that changes today.”
“You continue to see strength in the overall market. There is not fear of selling stocks all together, there's just fear in pockets of the market.”