Futures positioning indicative of decreasing risk appetite - Citi

Citi analyst Chris Montagu on the futures positioning: "Futures Positioning in the US, rose last week and at odds against the backdrop of increasing market uncertainty. Net notional was up for both the S&P and Nasdaq. This led to a reversal of previous bearish positioning across both markets. However, rather than a rise in new risk flows, the increase in S&P positioning arose from short unwinds. ETF positioning flows continue to be bearish, with short and long positioning levels sliding below long-term averages, indicative of decreasing risk appetite."

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