Reported about 1 year ago
According to a June 28 note from Goldman Sachs, hedge funds betting on banking shares rising quickly abandoned their trades last week at the fastest pace since May 2021, missing out on the sector's rally on Monday after the first round of the French election. The note revealed that long positions in banking and financial stocks were ditched at high rates in Europe, with European bank stocks rising up to 1.9% on Monday after Marine Le Pen's party took a smaller lead than expected, hinting at a potential hung parliament. Hedge funds also sold financial stocks elsewhere, apart from in developing markets Asia.
Source: YAHOO