The long / short report July 2025

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The long / short report provides a geographic analysis of the long/short market by sector, using S&P Global Market Intelligence's securities finance short interest data.

Highlights from July's report include:

Global Equities

Over the past month, there has been a notable contraction in short interest activity, with nine out of the twenty sectors analyzed reporting declines. The most significant reductions were observed in the Transport sector, which decreased by -9 bps, followed by Capital Goods at -4 bps, and Commercial Services at -3 bps. Conversely, the Household and Personal Products sector experienced the largest uptick in short interest, increasing by 5 bps, alongside Materials and Energy, both rising by 3 bps.

US Equities

The average short interest across US equities decreased slightly to 84 basis points over the month. The largest increases in were seen across the Utilities (+24bps), Consumer Services (+22bps) and Consumer Durables (+6bps) sectors. Decreases were seen across Transport (-12bps), Commercial Services (-10bps) and Media and Entertainment (-8bps).

APAC Equities

The average short interest across APAC equities decreased to 63 basis points over the past month. The majority of sectors covered did experience increases in short interest however, with Household and Personal Products (+80bps), Insurance (+29bps) and Materials (+21bps), all seeing the largest increases. Decreases were seen during the month with sectors such as Technology and Hardware (-10bps) and Healthcare (-6bps), seeing some of the largest falls.

EMEA Equities

The average short interest across EMEA equities decreased to 17 basis points over the past month. Short sentiment remained muted across the majority of sectors with the only increases being seen across Energy (+2bps), Household and Personal Products (+1bps) and Media and Entertainment (+1bps).

Fixed Income

Utilization decreased by 13bps across the government bond markets and by 1bps across corporate bonds.

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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.