Hedge funds miss post-French election stock jump, Goldman Sachs data shows [Yahoo! Finance]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: Yahoo! Finance
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. European bank stocks rallied as much as 1.9% on Monday after Marine Le Pen's far-right National Rally (RN) party and its allies took a smaller lead than some expected in Sunday's first round, suggesting a hung parliament could result and hamper the party's agenda. French assets had been pummelled in the lead-up to the surprise election, as the prospect of either the far right, or far left, gaining a majority raised the risk of a swell of spending that could undermine the government's fragile finances. Shares on Monday in the country's three largest lenders, BNP Paribas, Credit Agricole and Societe Generale rose be
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