Saxo’s Client Positioning Overview – Week ending 8th Nov 2024

What does it mean?

1. Boeing shares holdings increased by 2% following the union members’ votes to end an almost 8-week strike. This development provided some relief to Boeing’s supply chain, allowing the plane maker to resume its factory operations.
2. Client holdings in CapitaLand Integrated Commercial Trust and Berkshire Hathaway Inc. B shares increased by 2%. Berkshire’s shares slipped after the company reported that a fall in its operating earnings. The company’s cash pile has also grown to a record as it held off on buying back stock.

Top 5 Major Stocks with the highest week-on-week % decrease in holdings

What does it mean?

1. Coinbase shares experienced a 6% decline in the number of clients holding them, with while its net exposure increased by 29%. This may be attributed to profit-taking after the shares surged over 30% last week, following Bitcoin reaching a record high as Trump declared victory in the U.S election.
2. Similarly, Citigroup shares experienced a 3% decline, likely due to profit taking after the stock was up more than 8%, driven by a surge in banking stocks from Trump’s win.
3. Salesforce and Micron shares also saw a similar decrease of 3% in the number of clients trading them last week. In terms of the change in net exposure, Salesforce shares experienced an increase of 7.2% after the shares traded higher due to the push for its new AI product, Agentforce.
4. Lastly, holdings in UOB shares fell by 3%, after the stock hit an all-time high last week following its record third-quarter profits.

Top 5 ETFs with the highest week-on-week % increase in holdings

What does it mean?

1. Holdings in the JP Morgan Equity Premium Income ETF, which aims to deliver monthly distributable income and equity market exposure with less volatility, saw the largest increase of 5%, along with an 11% increase in net exposure.
2. Similarly, holdings in the iShares Bitcoin Trust ETF increased by 4%, with the highest net exposure change of 14%. This ETF generally reflects the performance of bitcoin’s price, which reached a record high last week after Trump emerged as a winner in the U.S. election.
3. The remaining instruments experienced a relatively similar 3% increase in the number of clients holding the ETFs.

Top 5 ETFs with the highest week-on-week % decrease in holdings

What does it mean?

1. The ProShares UltraPro Short QQQ ETF saw a significant 7% decline in clients holding the ETF last week, along with a 7.9% decrease in net exposure.
2. The iShares China Large-Cap ETF, which tracks the FTSE China 50 Index of large-cap Chinese equities, experienced a 4% decline in the number of clients holding the ETFs, along with a 2.6% drop in net exposure, likely due to investors expecting more from Chinese stimulus measures last week.
3. In terms of net exposure, Invesco Solar ETF dropped notably by 17.8%, following Trump’s victory, which may have dampened sentiment across the sector.

Position Change in the Top CFD Indices (week-on-week)

What does it mean?

1. The US 30 Wall Street 50 index saw the largest increase of 14% in the number of clients trading the index, with 14.1% of the clients switching from long positions.
2. The EU Stocks 50 index also experienced a 11% increase in the number of clients trading the index, with 80% of the clients holding long positions.
3. On the other hand, the Australia 200 index saw the biggest decline of 25% in clients trading the index, with 50% of the clients still holding long positions.
4. Meanwhile, the Hong Kong Index has the highest % of clients with a long position, standing at 86%, still driven by optimism in China stocks.

Position Change in the Most Popular FX pairs (week-on-week)

What does it mean?

1. Among FX pairs, XAUUSD had the highest increase in % of clients trading the pair at 14%, followed by USDCAD at 8%. However, NZDUSD saw a 21% decline in the number of clients trading the pair, followed by AUDSGD pair with a decline of 18%.
2. In terms of % change in long positions, AUDJPY experienced the highest increase at 17.4%, followed by USDCNH at 10%.

Note:

• The percentage change in number of clients refers to the total change in number of clients trading the instruments.
• The percentage change in net exposure refers to the change in total value of positions held by clients.
• The percentage changes are calculated based on a comparative analysis between the data as of the end of trading day on 4^th Nov 2024 and 8^th Nov 2024.