Jefferies halves its EU exposure

JEFFERIES has cut its holdings of European sovereign debts by nearly half in the past week, in a move to dispel fears over its exposure to the region.

The US investment bank has slashed its long and short positions in the sovereign debt of Portugal, Italy, Ireland, Greece and Spain by $1.1bn each since Friday, it said in a statement and experienced “no meaningful profit or loss on today’s trading activity.”

Jefferies said its net exposure to the Eurozone now stands at $59m.