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MNI Europe Pi: Longs Evaporate In The New Year

Structurally long positioning has evaporated across European futures contracts since the beginning of the year.

EXECUTIVE SUMMARY:

  • Structurally long positioning has evaporated across European futures contracts since the beginning of the year.
  • At the start of 2025, Gilt and BTP had been in long territory but already showed signs of moving flat.
  • Meanwhile, French contracts are even more clearly short than prior, while Germany remains flat/short.
  • The most recent week of trade was indicative of short setting and long reduction across most Eurex contracts.
     

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EXECUTIVE SUMMARY:

  • Structurally long positioning has evaporated across European futures contracts since the beginning of the year.
  • At the start of 2025, Gilt and BTP had been in long territory but already showed signs of moving flat.
  • Meanwhile, French contracts are even more clearly short than prior, while Germany remains flat/short.
  • The most recent week of trade was indicative of short setting and long reduction across most Eurex contracts.
     

Full PDF Analysis:

Keep reading...Show less