The long / short report February 2025

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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 February's report include:

Global Equities

Over the past month, short interest increased slightly across global equities with the largest moves seen in the Telecom (+6bps), REITs (+5bps) and Insurance (+5bps) sectors. The largest decreases were seen in Consumer Services (-7bps), Commercial Services (-7bps) and Pharmaceutical (-6bps) sectors.

US Equities

The average short interest across US equities decreased to 76 basis points over the month. Short interest did still increase across a number of sectors during the period however with Consumer Durables experiencing a 5bps rise and REITs seeing a 4bps increase. The largest decreases were seen across the Household and Personal Products sector (-7bps) and the Consumer Services (-6bps) sectors.

Asian Equities

The average short interest across APAC equities increased to 62 basis points over the past month despite a mixed picture in terms of sectorial movements in short interest. The largest increase was seen across the Consumer Staples, Apparel & Retail sector which grew 11bps. This was followed by the Transport sector, where short interest increased by 7bps and Utilities which noted a 5bps increase. The largest decreases were seen across the Financial Services (-8bps) and the Consumer Discretionary (-7bps) sectors.

EMEA Equities

The average short interest across EMEA equities increased to 16 basis points over the past month. Moves in short interest across the majority of the sectors remained fairly muted but there were some larger swings seen in Telcom and Communication Services (+7bps) and Insurance (+4bps).

Fixed Income

Utilization decreased by 23bps across the government bond markets, and increased by 32bps 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.