Top headlines: Suez chaos eases; US futures fall over block trade fears

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Ship 'partially refloated,' but still stuck in Suez Canal

A huge container ship blocking Egypt's Suez Canal for nearly a week has been partially refloated, raising hopes that the busy waterway will soon be reopened for a big backlog of ships. The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting traffic on the shortest shipping route between Europe and Asia. Read more

US futures fall as block trades rattle nerves

S&P 500 Index futures edged lower as traders weighed the impact of forced block trades that took the shine off a record Wall Street close. Nasdaq futures pared losses, while oil rose as traders looked ahead to this week’s OPEC+ meeting. Contracts on the S&P 500 declined, while Nasdaq 100 futures were little changed, following revelations that Archegos Capital Management LLC -- the family office of Bill Hwang -- was behind a $20 billion spree of block trades on Friday, selling Chinese tech giants and U.S. media firms. With a number of banks said to be exposed to Archegos, investors are on the lookout for signs of contagion. Read more

Oil rises on hopes for stable OPEC+ output

Oil rose on Monday on expectations that the OPEC+ group of leading producers will keep output unchanged in May, and worries that operations in the Suez Canal might take weeks to return to normal even though a ship blocking it has been partly refloated. Brent oil rose 58 cents, or 0.9%, to $65.15 a barrel by 1048 GMT. U.S. crude was up 40 cents, or 0.7%, at $61.37 a barrel. Read more

Nomura, Credit Suisse warn on losses

Nomura and Credit Suisse warned on Monday they were facing significant losses after a U.S. hedge fund, named by sources as Archegos Capital, defaulted on margin calls. A fire sale of stocks on Friday caused big drops in the share prices of companies linked to Archegos, a source familiar with the matter said, putting markets on edge about the scale of the possible fallout. Read more