Investing.com -- JPMorgan (NYSE:JPM) highlighted key movements in futures, CTA positions, CFTC data, and ETF flows. Last week, notable net buying was observed in Hang Seng, US natural gas, gasoline, and corn futures, while significant selling occurred in futures for France, Italy, Korea 10-year bonds, and aluminum.
Commodity Trading Advisors (CTAs) reportedly increased their equity holdings week over week, purchasing several contracts. They are positioned long in most global equity markets but reduced their exposure to short and medium-term rates. CTAs continue to be short in the energy sector, excluding US natural gas, while being long in precious metals and copper, and short in USD compared to global foreign exchange.
Asset managers trimmed their long positions in E-mini S&P 500 futures and currently hold below-average long positions in US equities. They also bolstered their long positions in US Treasury securities, especially in the Ultra 10-year and Ultra Bond contracts.
Leveraged funds shifted to a long position in emerging market equities based on two standard deviation buying flows and increased their short positions in the S&P 500. Managed money showed interest in commodities, buying West Texas Intermediate crude, gold, and silver futures, but sold soybean and corn futures.
ETF flows were mixed, with equities seeing weak inflows of $0.8 billion and currency/multi-asset funds attracting $0.2 billion, both below average. Fixed income enjoyed near-average inflows of $7.1 billion, while commodities funds experienced strong inflows of $1.4 billion.
Regionally, US equity funds faced outflows of $1.5 billion, marking the sixth occurrence in eight weeks of approximately one standard deviation or worse outflows. Developed market funds saw near-average inflows of $2.3 billion. Notably, Korea and Brazil experienced robust inflows, rated at 2.9 and 2.1 standard deviations above the mean, respectively.
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