Hedge funds sold financial stocks for a 10th week running and have the lowest exposure to the sector since March 2020, when the COVID-19 crisis roiled markets, according to a report by Reuters. The report cites a Goldman Sachs G.S.N note.
The report noted that speculators ditched long positions on insurance stocks while switching out of buy positions and adding short bets on financial services and banks, citing the Goldman Sachs note dated for December 8.
The report added that job cuts across the banking sector and economic uncertainty underpin this.
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