HEDGE FLOW Hedge funds miss post-French election stock jump, Goldman Sachs data shows

LONDON, July 1 (Reuters) – Hedge funds betting on a rise in banking shares abandoned trades last week at the fastest pace since May 2021, according to a June 28 Goldman Sachs note, meaning they missed the sector’s rally on Monday after the first round in the French election.

Long positions or bets on a rise in prices of banking and other financial stocks were ditched among the highest rates in five years in the week to June 27, particularly in Europe, said the note which only went to clients.