The long / short report April 2024

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The long / short report provides a geographic analysis of the long/short market by sector, using S&P Global Market Intelligence's securities finance short interest data.

Highlights from the April report include:

Moves in short interest were mixed during the month with ten sectors experiencing increases and twelve sectors experiencing decreases. The largest increases were seen across commercial and professional services (+14bps), consumer services (+4bps) and food and beverage (+3bps) sectors. The largest decreases were seen across the capital goods (-15bps), transport (-6bps) and automobile and components (-4bps) sectors.

Across US equities, average short interest decreased to 86bps over the month. Short interest increased by +7bps across the automobiles and components sector, +5bps across the telecoms sector and by 4bps across the food and beverage sector. The largest decreases in short interest over the month were seen across the capital goods (-21bps) sector and the consumer discretionary sector (-8bps).

Average short interest across APAC equities decreased to 59bps during the month. The largest increases in short interest were seen across transport (+22bps), materials (+21bps) and technology and hardware (+9bps)sectors, whilst the largest decreases were seen across software (-16bps), pharmaceuticals (-15bps) and household and personal products (-6bps) sectors.

Average short interest across European equities increased by +1bps over the month to 20bps. Real estate management and development remained the most shorted sector with 0.41% of the sectors shares outstanding on loan. The largest increases in short interest were seen across the real estate management and development sector (+4bps), the insurance sector (+3bps) and transport (+2bps).

Utilization increased by 22bps across the government bond markets, and 7bps across corporate bonds.

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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.