Have funds have continued to adjust up their positions on major assets, and are clearly 'risk on,' says Société Générale. They are risk of getting spooked.
Tuesday’s pop for stocks after some grim job opening data helped the S&P 500 and other indexes trim August losses, though landing in the green for the month still looks like a long shot. Futures suggest a struggle for Wednesday.
As SG’s strategist Arthur van Slooten and head of global asset allocation Alain Bokobza note, hedge fund positions, whether long or short, are worth watching as they can shed light on financial market trends.positions upward and are now clearly risk-on,” they say. In May, the strategists noted inconsistency of hedge fund positioning in bonds and equity. Since that time, shorts on stocks to hedge against a recession have largely been neutralized.
The markets U.S. stock futures ES00, -0.08% NQ00, -0.17% are under some pressure, while Treasury yields bounce off near three-week lows triggered by weak job openings data on Tuesday. The 10-year BX:TMUBMUSD10Y is yielding 4.143%. A bitcoin BTCUSD, -0.54% rally has cooled, following Grayscale Investments’ court win.
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