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Hedge funds miss post-French election stock jump, Goldman Sachs data shows

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Hedge Funds,Marine Le Pen,Financial Stocks

Hedge funds betting on a rise in banking shares abandoned trades last week at the fastest pace since May 2021, according to a June 28 Goldman Sachs note...

LONDON - Hedge funds betting on a rise in banking shares abandoned trades last week at the fastest pace since May 2021, according to a June 28 Goldman Sachs note, meaning they missed the sector's rally on Monday after the first round in the French election.

Shares on Monday in the country's three largest lenders, BNP Paribas, Credit Agricole and Societe Generale rose between 4.1% and 4.7%, while the cost of insuring their bonds against default fell to its lowest in two weeks. A short position is the opposite to a long trade, with the investor anticipating a stock to fall in price so that it can buy it back at a cheaper price.

Nvidia will produce such a massive ‘cash gusher’ that it will have to buy back more stock because all that money has nowhere else to go, analyst says

 

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