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

Short interest across global equities declined over the majority of sectors during the last moth. The largest increases were seen across Automobile and Components (+9bps), Food and Beverage (+8bps) and Consumer Services (+4bps) sectors. The largest decreases were seen across the Real Estate Management and Development (-18bps), Semiconductor and Semiconductor Equipment (-8bps) and Consumer Staples (-5bps) sectors.

Across US equities, average short interest decreased to 81bps during the month. Increases in short interest were modest, with the largest increases being seen across the Energy (+5bps), Food, Beverage and Tobacco (+5bps) and Commercial and Professional Services (+4bps) sectors. The largest decreases were seen across the Financial Services (-15bps), Materials (-3bps) and Transport (-3bps) sectors.

Average short interest across APAC equities remained steady at 58bps during the month with greater than the average short interest seen across twelve sectors. The largest increases in short interest were seen across Utilities (+12bps), Materials (+9bps) and Financial Services (+7bps) sectors. The largest decreases were seen across Semiconductor and Semiconductor equipment (-17bps), Commercial and Professional services (-16bps) and Transport (-11bps) sectors.

Average short interest across European equities dipped to 19bps during the month following a sizeable decline in short interest across the Real Estate Management and Development sector (-42bps). Other sectors to experience declines in short interest across the region included the Consumer Services (-4bps), Insurance (-2bps) and Materials (-2bps) sectors. Increases in short interest were seen across Household and Personal Products (+2bps) and the Automobile (+1bps) sectors.

Utilization increased by 24bps across the government bond markets, and declined by 14bps 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.