Opening Bell: Futures, European Stocks Retreat As Fund Jitters Weigh; Oil Slips – Investing.com

Opening Bell: Futures, European Stocks Retreat As Fund Jitters Weigh; Oil Slips – Investing.com

Traders brace for contagion from margin call-induced selloff

Oil slides as Suez Canal reopens and lockdowns hamper demand outlook

Key EventsFutures on the , , and as well as European stocks slumped on Monday as traders braced for the repercussions of a US-based family fund on margin calls. The news dampened sentiment after Friday's record close on Wall Street.Having rallied strongly last week, oil retreated after the tanker blocking the Suez Canal was partially refloated.Global Financial AffairsThe news that over-leveraged Archegos Capital Management, was behind a fire sale of more than $20 billion, including shares in Chinese tech giants and US , left a number of global banks exposed. Credit Suisse (SIX:) was one of the hardest hit financials along with Nomura Holdings (NYSE:). Credit Suisse suffered major losses as it was forced to exit positions quickly when Archegos was unable to meet its margin commitments.The Swiss bank weighed on European benchmarks including the which had advanced to within 1.25% of its Feb. 19 record on an improving economic outlook. CSGN shares plummeted 13.5%, the most since last March, and were trading at the session low, after topping out.CSGN DailyThe stock used the market mechanism of a rising