Nasdaq futures down 1% on the day
Not quite a good look for risk sentiment to start the new week, as US futures succumb to deeper losses ahead of European morning trade.
There is more of a risk-off tone to this with S&P 500 futures seen down 0.8% and Dow futures also falling by 0.6%. Meanwhile, Treasuries are bid with 10-year yields falling 3 bps to 1.645% with the dollar and yen also seeing inflows so far today.
Liquidation fears arising from Archegos Capital is among the key triggers, with Credit Suisse also out saying that its losses related to a US hedge fund default "could be highly significant and material to our first quarter results".
As much as there is worry of there 'never being just one rotten egg in a bad bunch', this episode in the market will surely pass and it will be a good opportunity to find value amid the hysteria and "panic".
For now, month-end and quarter-end flows may still create more noise in trading this week but market conditions should sort itself out next week after the Easter holidays.
