Hedge funds surrender: After a significant rise in US stocks on Monday, they substantially covered their short positions
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After the breakthrough in the China-U.S. negotiations over the weekend, hedge funds that had previously been bearish on the market and unwilling to participate in the rebound completely surrendered. On Monday, the global stocks in Goldman Sachs' institutional brokerage accounts saw the second-largest nominal net buying volume in five years (+4.3 sigma), driven by short covering and a smaller amount of long buying (1.6 to 1). Net buying was observed across all regions, led by North America, followed by Europe (both driven by short covering)
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