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在线博彩平台:Skeptical on U.S. stocks, equity hedge funds sit out market rally

在线博彩平台:Skeptical on U.S. stocks, equity hedge funds sit out market rally

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NEW YORK: Still uncertain on where U.S. stocks are headed, equity hedge funds are sitting out the market rally despite taking big paper losses on bearish bets since June, according to industry executives and market data.

After slumping more than 20% during the first half on worries aggressive U.S. Federal Reserve rate hikes aimed at taming inflation may cause a recession, the S&P has rebounded 17% since mid-June on signs prices may be stabilizing.

However, hedge funds have remained on the sidelines of the rally to assess more economic indicators before re-calibrating their portfolios, said prime broking executives and fund managers.

In a sign of their dim view of the market, hedge funds are sitting on a record $107 billion worth of net short positions - or negative market bets - in S&P 500 futures, according to BNP Paribas calculations based on regulatory data from last week.

That skepticism among sophisticated investors with $1.1 trillion in assets globally suggests the rally could be short-lived, according to prime brokers.

"This is probably one of the most disliked rallies in the market across all client segments," said a prime broker at a Wall Street bank, noting funds have been selling long positions into the rally. "The first week of August was one of our largest de-risking weeks we've seen in the last five years."

Stocks are rallying largely because some investors believe the Fed will pull back on tightening monetary policy sooner than previously expected, although Fed officials aren't making that promise.

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Not all bearish hedge funds have been able to maintain their short positions, and some of the market's recent gains have likely been fueled by investors unwinding or "covering" those bearish bets, the people said. That process involves buying back stocks the funds had borrowed to sell short.

NOT A GREAT SIGN

"There was a lot of coverage by hedge funds while the market went up," said Kris Kwait, chief market strategist at Commonfund, an asset manager which invests in hedge funds.

Kwait added that the fact hedge fund covering appeared to be driving the rally was "not a great sign" for its sustainability.

When the rally gained steam in July, hedge fund sales of long positions and purchases to cover short positions in non-essential consumer goods stocks, for example, were among the largest in the past five years, according to Goldman Sachs data.

Max Grinacoff, U.S. equity and derivatives strategist at BNP Paribas, said short covering continued in August, and last week "in particular", after Wednesday Consumer Price Index data suggesting inflation may have peaked sent stocks higher.

Since June 16, short sellers have suffered unrealized losses of $174 billion, although they are still up $162 billion in unrealized gains this year, according to financial analytics firm S3 Partners.

  • 皇冠app下载(www.hg108.vip) @回复Ta

    2022-09-11 00:23:59 

      乌克兰问题有着复杂的历史经纬和现实因素,涉及各方利益和关切,解决起来应该兼顾平衡。当务之急是各方保持必要克制,避免事态继续恶化甚至走向失控。尽管谈判艰难,但本次谈判的实现即表明,双方都有通过对话解决问题的意愿。国际社会亦应加大劝和促谈的力度,而不是火上加油。(完)扶我起来我还能看!

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