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

Global Equities

Short interest declined over the majority of sectors during the last month. The largest increases were seen across the Semiconductor and Semiconductor Equipment sector (+8bps) and REITs (+6bps). The largest declines in short interest over the month were seen across Financial Services (-13bps) and Household and Personal Products (-8bps).

US Equities

Across US equities, average short interest decreased to 78bps during the month. Increases in short interest remained modest with the largest increases being seen across the Automobile (+16bps), REITs (+9bps) and Consumer Services (+6bps) sectors. The largest declines in short interest were seen across the Financial Services sector (-20bps) and the Consumer Discretionary (-5bps) sectors.

Asian Equities

Average short interest across APAC equities remained steady at 59bps during the month with greater than the average short interest seen across eleven sectors. The largest increases in short interest were seen across Commercial and Professional Services (+21bps), Healthcare (+9bps) and Real Estate Management and Development (+5bps). Materials remained the most shorted sector with 1.15% of its market capitalization currently being borrowed.

EMEA Equities

Average short interest across European equities dipped to 16bps during the July, its lowest level for a number of months. Any increase in short interest, across all of the sectors, was very modest. The Telecom sector experienced a 2bps increase over the month as did the Transport sector. All other sectors either remained unchanged when compared to last month or experienced a slight decline in shorting activity.

Fixed Income

Utilization decreased by 30bps across the government bond markets, and declined by 2bps 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.