UPDATE 2-European stocks edge higher, Credit Suisse tumbles

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Credit Suisse at three-month low after flagging losses
* Energy, travel stocks fall on virus concerns
* CD Projekt tops STOXX 600 on leaked Cyberpunk 2077 DLC
plans

(Adds analyst comments, updates prices throughout)
By Devik Jain and Shreyashi Sanyal
March 29 (Reuters) - European stocks edged higher in a
choppy session on Monday, weighed down by Credit Suisse shares,
which slumped following a warning of "significant" losses from
exiting positions after U.S.-based hedge fund Archegos
defaulted on margin calls.
The Swiss bank CSGN.S slipped 13.8% to a three-month low
as it said the unnamed hedge fund defaulted on margin calls made
last week by Credit Suisse and other banks and said that while
it was "premature to quantify" the resulting loss, "it could be
highly significant and material to our first quarter results."
"It is unclear whether Archegos is done with its fire sales,
and if it isn't, how much it has left to unload," said Connor
Campbell, an analyst at Spreadex.
"That also raises questions over the wider ramifications of
the hedge fund's troubles, and which companies will be the next
to announce they have been stung."
The wider financial services index .SXFP was the worst
performer, losing 1.9%, while the banks sector .SX7P , which
includes Deutsche Bank DBKGn.DE and UBS UBSG.S , also slipped
0.9%.
The pan-European STOXX 600 index .STOXX edged 0.2% higher,
with economy-linked mining .SXPP , oil & gas .SXEP and travel
and leisure .SXTP shares among the biggest decliners as French
doctors warned a third wave of infections could soon overwhelm
hospitals. Chancellor Angela Merkel also pressed Germany's states on
Sunday to step up efforts to curb rapidly rising coronavirus
infections, and raised the possibility of introducing curfews to
try to get a third wave under control. The benchmark STOXX 600 has lagged its U.S. counterpart in
the past six months as new lockdowns in the continent and a
slower-than-expected vaccination programme dented the economic
outlook for Europe.
The export-heavy German DAX .GDAXI rose 0.5% to an
all-time high as data over the weekend showed annual profits at
China's industrial firms surged in the first two months of 2021,
highlighting a rebound in the country's manufacturing sector.
Among other stocks, Hugo Boss BOSSn.DE slipped 1.6% after
the German fashion house got caught in a concerted boycott by
Chinese celebrities and consumers over Western accusations of
forced labour in Xinjiang. Poland's CD Projekt CDR.WA jumped 13.1% to the top of
STOXX 600 index after plans about the studio's downloadable
content for its Cyberpunk 2077 game leaked on Reddit.
Gains in defensive sectors such as food & beverage .SX3P
utilities .SX6P , media .SXMP , which tend to decouple from
the economic cycle, offered some support to the market.

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