Markets fall following “rally that no one likes”

Markets fell on Wednesday.

The S&P 500 fell 0.2 percent, the STOXX Europe 600 fell 0.1 percent and the Nikkei 225 fell 0.3 percent.

US 10-year Treasury yields fell 4.9 basis points to 2.522 percent.

The declines came one day after the US stock market hit a new high, which nevertheless failed to provide a significant catalyst for Asian markets on Wednesday.

“Apparently, we are stuck in a stock market rally that no one likes,” said Stephen Innes, head of trading at SPI Asset Management.

And hedge funds could be among those not liking this rally.

A Marketwatch report cited Naeem Aslam, analyst at ThinkMarkets UK, as saying that hedge funds have recently increased bets on a fall in the S&P 500.

“This shows that smart money is ready to bank big if the market falls again,” said Aslam.