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Investing.com -- Hedge funds increased their buying of global equities to the highest level in five weeks, with the activity primarily driven by establishing long positions and some short covering, according to Goldman Sachs’ Prime Desk.
The desk noted that all major regions except Europe experienced net buying, with North America and Emerging Market Asia leading the trend. Macro (BCBA:BMAm) Products accounted for 70% of the total notional net buying, which included both long buys and short covers. Single stocks were net bought for the seventh consecutive week, primarily through long buys.
Among the 11 global sectors, six saw net buying, with financials, information technology, and industrials leading the way. On the other hand, communication services, real estate, and energy were the most net sold sectors. The energy sector experienced its second-largest amount of net selling in the past decade as geopolitical tensions in the Middle East subsided quickly.
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