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...Hedge funds and other leveraged funds upped their net short positions — bets on falling prices — on sterling to almost 29,000 contracts for the week ended Tuesday April 30, the highest level since January...
...Private investor gilt purchases have been concentrated in short-dated government bonds that were issued with low coupons when yields were low, providing a tax-efficient alternative to cash....
Bond dealers and investors highlight ‘structural shift’ in gilt buying
...Sterling’s decline also contributed to a 0.9 per cent rise in UK stocks on Friday, as the FTSE 100, whose constituent companies draw most of their revenues in dollars, ended the day’s trading just short...
...Despite its recent gains, the pound remains well short of its post-pandemic high of $1.42 struck in June 2021....
...Closer to the issue time, they then look to buy bonds from banks to cover their shorts....
...In the SS24 collections, they were paired with minidresses and long coats at Bally and Sandy Liang, sheer dresses at Christopher Esber and Collina Strada, knee-length shorts at Loewe and knitted hot pants...
...This is why in recent years investors have been rushing to buy short-dated gilts that were issued with very low coupon rates, with most of the returns delivered in tax-free capital gains....
...“It’s looking increasingly likely that we will end up with a short and shallow rate cutting cycle this time around,” said Mark Dowding, chief investment officer at RBC BlueBay Asset Management, who argued...
...FX strategists at JPMorgan, another big foreign exchange trading bank, said that in futures markets, short positions on the dollar had now “neutralised”....
...Some economists predict that the UK’s underperformance compared with other major bond markets this year will be short lived....
...The concerns about monitoring value for money in government bond sales come as the UK’s debt pile stands just short of its highest level on record at £2.6tn, after almost doubling over the past decade....
...“Time is short and there is lots to do,” Harris told the Irish parliament on Tuesday before receiving the seal of office from President Michael D Higgins....
...— unlike MacMillan’s recent Christmas Oratorio, itself not short of dazzling effects....
...The S&P 500 has hovered just short of its January 2022 record in thin post-Christmas trading before dipping 0.3 per cent on Friday’s last trading day....
...The recent rally has also been fuelled by an unwinding of “extreme” short positioning — bets on lower prices — and the Bank of Israel’s willingness to use reserves to offset excessive currency weakness....
...“For this year short positioning on the shekel has reached an extreme level,” said Rohini Grover, a currency strategist at Deutsche Bank....
...This is why short-dated conventional gilts with low coupon rates have been so popular among wealthy investors this year as an alternative to cash: most of the returns can be paid out tax free....
...Fitch said that a relatively short conflict largely confined to Gaza would be unlikely to affect Israel’s rating but added that the risk that other actors hostile to Israel, such as Iran and Hizbollah, could...
Yield on short-term British government debt falls to lowest level since June
...A build-up in short positions can sometimes be a prelude to a sharp rally if traders suddenly cover their positions....
...“There’s not much point in being short the yen [betting on a falling price] as every Bank of Japan policy meeting will be a live event,” he said....
...Products that own debt with short-dated maturities have attracted the lion’s share of these flows....
...Meanwhile, trend-following hedge funds — known as commodity trading advisers — have built up extreme short positions in Treasuries as prices have fallen, which could turn into buying momentum when Treasuries...
...Koutny said the short-term outlook for the 10-year is uncertain, but “taking a step back” the next large move in yields is likely to be lower....
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