The long / short report January 2025

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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

Over the past month, the movements in short interest across various sectors have been relatively muted, with minimal significant shifts in sentiment observed. The most notable increases occurred in the Healthcare and Consumer Staples sectors, each experiencing a 4 basis points rise in short interest. Conversely, the Telecoms sector saw the largest decline, with short interest decreasing by 3 basis points.

US Equities

The average short interest across US equities increased to 78 basis points over the month. Short interest increased across 12 of the 25 sectors covered with the largest increases being seen across Transport (+8bps), Consumer Staples (+7bps) and Healthcare (+6bps). The largest decreases were seen across Real Estate Management and Development (-8bps) and Consumer Services (-6bps).

Asian Equities

The average short interest across APAC equities held steady at 55 basis points over the past month, with the majority of sectors reporting a decline in short interest. Only a few sectors experienced an increase, notably the Energy sector, which saw a rise of 5 basis points, and the Utilities sector, which grew by 4 basis points. The most significant declines were observed in Healthcare (-12 basis points), Capital Goods (-10 basis points), and Financial Services (-9 basis points).

EMEA Equities

The average short interest across EMEA equities increased to 15 basis points over the past month. While overall movement in short interest remained relatively subdued, most sectors experienced a slight uptick in activity. The Real Estate Management and Development sector continued to dominate as the most shorted sector across the EMEA region.

Fixed Income

Utilization increased by 88bps across the government bond markets, and by 8bps 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.