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Hedge funds up bullish EM equity futures positions

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Improving optimism for emerging market equity futures has prompted hedge funds to increase their bullish positions in the asset class to the highest level seen since the pandemic three years ago, according to a report by Bloomberg.

The report cites data compiled from Commitments of Traders reports from the US Commodity Futures Trading Commission as showing that net long leveraged fund positions on futures linked to the MSCI Emerging Markets Index have been positive every week since the start of July and now total 62,544 contracts, the highest since March 2020.

The increase in long positions comes despite China’s worsening economic slowdown continuing to hamper the prospects for the asset class, and in in stark contracts to Treasuries, which sold off in the weeks leading up to last weekend’s Jackson Hole central-banker conference.

Commitments of Traders reports provide a breakdown of each Tuesday’s open interest for markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC.

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