Banks rein in lending to hedge funds that had invested heavily in blank cheque companies

The market for special purpose acquisition companies has become an unexpected casualty of the Archegos Capital Management scandal, and the activist investors who won a stunning proxy battle against ExxonMobil this week said the supermajor would need to cut oil production. Plus, the FT’s markets editor, Katie Market, explains why European stocks are rallying while US equities lose some steam.

Archegos fallout hits market for blank cheque companies

Hedge fund that beat ExxonMobil says it will have to cut oil output

Investors bet eurozone stock rally will gather steam as economy rebounds

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