Barclays reported that despite systematic de-risking by hedge funds and CTAs which cut exposure sharply to neutral, aggregate equity positioning stayed distant from capitulation levels as long-only inflows reached near-record highs in March. Investor surveys have turned bearish but have not hit the contrarian buy signals that typically mark market bottoms.

The bank is scaling back its asset-based lending to smaller borrowers after incurring losses tied to the collapses of Market Financial Solutions Ltd and Tricolor Holdings. This move follows material write-downs and signals tighter credit standards across Barclays’ lending portfolio.