NEW YORK, Jan 28 — The battle between small-time traders and hedge funds that has shaken US and European stock markets moved into Asia today, with surges in several Australian companies squeezing another batch of financial institutions that have bet on the stocks falling. In Europe, where the...
A sign is seen outside a GameStop store in Niles, Illinois, US May 23, 2016. — Reuters pic
That move, roughly in line with an overnight fall in New York and derivatives market changes, suggested at least a pause in a dramatic rally that has seen GameStop jump as much as 1,700 per cent in two weeks and fund investors lose billions. “It is already illegal for institutions to coordinate in the manner currently being seen in moving prices on these stocks, raising questions about the legality of what is currently taking place right now on these forums.”
“We’ve got so many comments and submissions that we can’t possibly even read them all, let alone act on them.”Heavily shorted Australian stocks Webjet, Tassal Group, Inghams Group Ltd and InvoCare all climbed today, while Sydney’s benchmark ASX 200 index fell two per cent. Regarded by market professionals as “dumb money”, the pack of traders, some of them former bankers working for themselves, have become an increasingly powerful segment of the financial world.
This week’s turmoil caught the attention of the White House, with President Joe Biden’s economic team — including Treasury Secretary Janet Yellen on her first full day on the job yesterday — “monitoring the situation.”
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