“The large gap in net positioning on US vs European markets persists but began to narrow after reversals in flows on both sides of the pond,” strategists led by Chris Montagu said in a Monday note.positioning continues to be highly elevated, Citi notes, though ETFs linked to the index have seen minor outflows over the past month.
Elsewhere, European flows have been mixed, with an increase in new long positions helping to ease the net short positioning on the “The fundamental set up has not materially changed between the two regions which may justify the current positioning,” Montagu and his team wrote.
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