Hedge funds are betting two of the sharemarket’s most crowded trades this year will turn as US Federal Reserve boss Jerome Powell hosed down expectations the central bank would reverse an aggressive rate hike cycle next year.
According to research out of Goldman Sachs, three of the five most shorted stocks by cash value among US S&P 500 stocks are energy producers Occidental Petroleum, Exxon Mobil and Chevron Corp, which had $US10.6 billion ($15.4 billion) of their scrip shorted at July 29.
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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
