crunch point: The retail sector is facing particular scrutiny from short sellers, who in effect wager significant sums on certain shares falling in value, according to The Guardian. Uncertainty among consumers, with the Brexit process reaching a crunch point, comes at a time when retailers are already struggling to adjust to the move from physical shops to online. Odey Asset Management, part-owned by Crispin Odey, and Marshall Wace, part-owned by Sir Paul Marshall, have declared short positions against consumer-exposed companies, including retailers, estate agents and banks, equivalent to 149m and 572m respectively as rising political uncertainty threatens the economy. Facebook Twitter Pinterest Crispin Odey, a strong backer of Brexit. He also holds a position against struggling department store Debenhams that is worth 5.3m. Photograph Andy Sewell for the Guardian The hedge fund run by Odey, one of the most outspoken of the Brexit-backing hedge fund managers, holds a short position in Intu the owner of shopping malls including the Trafford Centre in Greater Manchester that represented 33m worth of shares in the company at the end of last week.
(news.financializer.com). As
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Tagged under crunch point, brexit process topics.