Short 出口 殺到 at 1.4% 運動s U.S. 財務省 産する／生じる 低迷, 仲買人s say
By Saikat Chatterjee and Sujata Rao
LONDON, July 7 (Reuters) - An unwinding of bets by some hedge 基金s against 10-year U.S. 財務省s, the world's safest 資産, explains the sudden ructions in 社債 markets, 仲買人s and 基金 経営者／支配人s told Reuters on Wednesday.
産する／生じるs on 10-year 財務省s fell below 1.40% in New York 貿易（する）ing on Tuesday and 速く fell to a 近づく five-month low in 早期に London 貿易（する）ing of 1.33% before stabilising around 1.34%. They are now more than 40 bps below a January 2020 high of 1.77% 攻撃する，衝突する in March.
That painted a 暗い／優うつな picture in the popular "reflation" 貿易（する） on 在庫／株s that do 井戸／弁護士席 in a rising 率s 環境, and the bets against U.S. 財務省s turned sour. The change was also せいにするd partly to 恐れるs of another deadly COVID-19 wave.
One 仲買人 at a European bank said the move was fuelled by the 減少（する） in U.S. 財務省 産する／生じるs below the 1.40% level as many 基金s had hedged some of their wider reflation bets by putting stop-loss orders at that level.
Stop-loss orders are essentially 貿易（する）s where 投資家s hedge their broader market 貿易（する）s by taking an opposite position to 削減する losses in 事例／患者 markets move against them.
Another 仲買人 saw the move as technical, 説 U.S. 財務省 産する／生じるs were a variation of the popular "death cross" in 財政上の markets, where short-称する，呼ぶ／期間／用語 moving 普通の／平均（する）s (50-day) intersect with longer-称する，呼ぶ／期間／用語 普通の／平均（する）s (100-day) pointing to lower 産する／生じるs.
The 'long duration' 質 of tech and 'growth' 在庫／株s becomes attractive again with 産する／生じるs under 圧力. Nasdaq 未来s were 長，率いるing に向かって yet another 記録，記録的な／記録する high on Wednesday.
"There was a spike around the 1.38-1.40 area and getting through that 誘発する／引き起こすd some stops (stop losses)," said Charles Diebel, 長，率いる of 直す／買収する，八百長をするd income at Mediolanum International 基金s.
"When it got to those levels, people who were short were feeling uncomfortable and started selling."
逮捕する bearish bets on 10-year 財務省 futur es jumped to 59,960 契約s for the week ended June 29, によれば the 商品／必需品 未来s 貿易（する）ing （売買）手数料，委託（する）／委員会／権限.
Daily turnover on the 前線-month 10-year U.S. 財務省 未来s was nearly 2 million 契約s, the largest since May 26 but いっそう少なく than half of 2021's 頂点（に達する） of more than 4 million in late February, によれば Refinitiv data.
The move rippled across the 産する／生じる curve and caught broader markets by surprise, with the high-飛行機で行くing Australian dollar 弱めるing はっきりと.
Though 産する／生じるs were under 圧力 for the last few weeks, the move lower 加速するd after they began July at below 1.50%.
The seasonal summer なぎ in 財政上の markets are also a 推論する／理由 for outsized moves, said one 基金 経営者／支配人 who 拒絶する／低下するd to be 指名するd. He said the moves in U.S. 負債 were 誘発する／引き起こすd by hedge 基金s, though the size of the 貿易（する）s were not "大規模な".
Apart from positioning and technicals, the 最近の spread of the Delta COVID-19 variant and weak U.S. services activity data also 重さを計るd on 投資家 感情, 誘発するing them to 捜し出す safety in U.S. 財務省s.
"This is likely a 転換 in market narrative: away from インフレーション 関心s to 関心s about the sustainability of growth 勢い, and you see that in pretty much every market," said Vasileios Gkionakis, 長，率いる of FX 戦略 at Banque Lombard Odier & Cie SA.
(報告（する）／憶測ing by Sujata Rao and Saikat Chatterjee; Editing by Thyagaraju Adinarayan and Gareth Jones)
