Rolling coverage of the latest economic and financial news
- Latest: US house prices jumped 12% – biggest rise since 2006
- Global banks have now incurred $10bn losses on Archegos
- Nomura’s total Archegos losses near $2.9bn
- UBS reveals $774m Q1 hit from Archegos collapse
- MPs launch inquiry into UK steel
Earlier:
- IWG sees record demand for flexible working
- HSBC: Profits up 79% in Q1 as outlook improves
- BP: Higher oil prices drive up profits
The FTSE 100 has closed for the day, down 18 points or 0.25% at 6944.
Banks nad a good day, led by HSBC after its forecast-beating results. But aeronautics manufacturer Rolls-Royce 4.5% and Whitbread lost 3.3%, while software maker Aveva closed 5.4% lower after announcings its CEO’s departure today.
It’s been a pretty lacklustre day for markets in Europe today, with the FTSE100 and DAX both drifting back on the back of a weaker Asia session, as concerns over events in India act as a drag on global recovery prospects.
There may also be some anxiety over recent sharp rises in commodity prices, which are now starting to bleed into the agriculture sector, as both corn and wheat prices surge to multi year highs, largely over supply concerns due to unseasonably dry weather in North and South Dakota.
Monthly #Corn Chart
Corn hit a new high of $7.20 factoring in much of the information we have been talking about #oatt pic.twitter.com/aihZiJgWzi
Bank losses linked to the collapse of Archegos Capital Management have topped $10bn, after Nomura and UBS became the latest global banks to reveal the true impact of the hedge fund’s failure on their finances.
Some of the world’s largest investment banks have been left nursing billions of pounds worth of losses as a result of their exposure to Archegos, the personal hedge fund of the New York-based billionaire Bill Hwang.
“This is not as large as the $5.5bn for Credit Suisse, but nevertheless shows how the fallout was wider than initially thought.”
Related: Bank losses linked to Archegos top $10bn after latest results
