Hedge funds miss post-French election stock jump, Goldman Sachs data shows
Hedge funds betting on a rise in banking shares abandoned trades last week at the fastest pace since May 2021, according to a June 28 Goldman Sachs note, meaning they missed the sector’s rally on Monday after the first round in the French election. Long positions or bets on a rise in prices of banking and other financial stocks were ditched among the highest rates in five years in the week to June 27, particularly in Europe, said the note which only went to clients. European bank stocks rallied as much as 1.9% on Monday after Marine Le Pen’s far-right National Rally (RN) party and its allies took a smaller lead than some expected in Sunday’s first round, suggesting a hung parliament could result and hamper the party’s agenda.
Reuters•
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
