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Hedge funds backing slowdown in US consumer spending

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Global hedge funds’ upped their bearish positions in US stocks to their highest levels so far this year in April, with companies selling non-essential consumer products becoming the main focus of their attention in a sign that a slowdown in consumer spending is expected, according to a report by Reuters.

The report cites a Goldman Sachs note as revealing that hedge funds trading the stocks of US consumer discretionary companies offering flat-screen TVs and family vacations saw the largest notional net selling since October 2022. Bets on their stock prices falling outpaced bullish positions by almost two-to-one, according to Goldman.

The most net sold US industries in April were automobiles, software, hotels, restaurants and leisure, specialty retail, interactive media and entertainment.

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