Morgan Stanley Fixed-Global Macro Strategy Positions and Flows Report-107642262

MORGANSTANLEYRESEARCHApril16,202401:06PMGMTMorganStanley&Co.LLCFrancescoGrechiStrategistFrancesco.Grechi@morganstanley.com+1212761-1005NorthApril16,2024AmericaaInterestRateStrategyAmericaPositionsandFlowsReportNorthWeeklyMarketPositioningDataCFTCNon-CommercialFuturesPositions(P.2)TICDataForeignFlows(P.16)(UpdatedfortheweekendingApril09,2024,paramounts)(UpdatedforJanuary,paramounts)WeeklyChange:JanuarysawnetinflowsintheTreasuries,ledbyprivateTotalfrontend:$6.5bninvestors.China(+$21.7bn)andHongKong(+$5.3bn)werethetopED:-$0.4bnTU:-$0.6bnFV:$2.4bnTreasurybuyersinJanuary.France(-$-27.0bn)andNorway(-$19.1Totalbackend:-$5.2bnbn)werethetopTreasurysellers.TY:$5.1bnTN:-$4.0bnUS:-$3.1bnUL:$1.9bnPFRPrimerP.18TradersinFinancialFutures(P.4)(UpdatedfortheweekendingApril09,2024,paramounts)ChartoftheWeek:AssetManagers:Dealersincreasedtheirnetshorts(%ofOI)tothehighestlevelinlastUpdate:Puton$3.6bnofasteepenerposition.DecreasedtheirsixmonthsinTYcontracts.netlongs(%ofOI)tothelowestlevelinlastsixmonthsinUScontracts.Source:MorganStanleyResearch,CFTCLeveragedFunds:Update:Puton-$16.6bnofaflattenerposition.Decreasedtheirnetshorts(%ofOI)tothelowestlevelinsixmonthsinULcontracts.Dealers:Update:Puton$5.8bnofasteepenerposition.Increasedtheirnetshorts(%ofOI)tothehighestlevelinlastsixmonthsinTYcontracts.OtherReportables:Update:Puton$1.1bnofa...