The long / short report December 2025

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 December's report include:

Global Equities

Consumer Services maintained its position as the most shorted sector across global equities during the period followed by Commercial Services and Utilities.  The largest increases in short interest were seen across Consumer Services (+6bps), Utilities (+5bps) and Transportation (+4bps) whilst the most notable declines were seen across Automobiles and Components (-2bps) and Media & Entertainment (-2bps).

US Equities

The average short interest across US equities increased to 88 basis points over the month.  The largest increases in were seen across Real Estate (+14bps), Household & Personal Products (+9bps) and Utilities (+8bps).  The largest decreases were seen across Media & Entertainment (-4bps) and Automobiles & Components (-2bps).

APAC Equities

The average short interest across APAC equities increased to 65 basis points over the month.  Increases in short interest were seen across Insurance (+10bps), Capital Goods (+6bps) and Technology and Hardware (+6bps).  The largest decreases were seen across Household & Personal Products (-28bps), Energy (-8bps) and Healthcare (-7bps).

EMEA Equities

The average short interest across EMEA equities remained at 15 basis points during the month.  Short sentiment remained muted across the majority of sectors with the only increases being seen across the Transport (+3bps), Insurance (+2bps) and Utilities (+2bps) sectors. 

Fixed Income

Utilization increased by 104bps across the government bond markets and decreased by 11bps across corporate bonds.

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