The long / short report December 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 December's report include:

Global Equities

During the past month, there was a modest shift in short interest across global equities, with only a select few sectors exhibiting notable changes in activity. The most significant increases in short interest were recorded in the Consumer Services sector, which saw an uptick of 6 basis points, and the Commercial Services sector, with a rise of 5 basis points. Conversely, the Transportation and Automobiles sectors experienced the largest declines, each decreasing by 3 basis points.

US Equities

The average short interest across US equities increased to 77 basis points over the month. Short interest increased across the majority of sectors, rising the most across Consumer Services (+9bps), Energy (+9bps) and Commercial Services (+7bps). Some of the largest decreases were seen across the Transport sector (-7bps), and the Media and Entertainment sector (-3bps).

Asian Equities

The average short interest in APAC equities remained stable at 55 basis points over the month, with numerous sectors continuing to show a decline in short interest. However, several sectors did experience increases, albeit modest in scale. The most significant rises were observed in the Consumer Durables and Apparel sector, which increased by 10 basis points, and the Software and Services sector, which saw a rise of 4 basis points.

EMEA Equities

The average short interest in European equities remained unchanged at 14 basis points over the past month, with limited movement across the region. Notable changes included increases in short interest within the Real Estate Management and Development sector (+5 basis points) and the Commercial Services sector (+2 basis points), while the Insurance sector recorded the most significant decline, decreasing by 2 basis points.

Fixed Income

Utilization increased by 27bps across the government bond markets, and decreased by 47bps 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.