Markets were focused on reports that Archegos Capital Management LLC – the family office of Bill Hwang – was the source of block trades selling Chinese tech giants and US media firms. Bloomberg said investors are on the lookout for signs of contagion as a number of banks are said to be exposed to Archegos. European stock markets are mixed, after a largely higher session in Asia overnight. The GER30 is currently up 0.5%, and the UK100 down -0.04%. US futures are in the red, but the USA100 future in particular is up from early lows.
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Stuart Cowell
Head Market Analyst
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