Hedge funds have started to accumulate bullish positions in crude oil and diesel once more, amid rising optimism about the outlook for the global economy in 2019.

Pernod Ricard will meet activist hedge fund Elliott this month as the family-backed spirits firm faces pressure to improve its margins, sources familiar with the situation said.

Two of the biggest donors to the Brexit campaign say they now believe the project they championed will eventually be abandoned by the government and the United Kingdom will stay in the European Union.

Britain's parliament is debating whether to support Prime Minister Theresa May's Brexit deal, a decision which will define Britain's departure from the European Union and set the course for the country's economy.

Britain will have implemented the necessary legislation for Brexit before the country leaves the European Union in March, Prime Minister Theresa May's spokeswoman said on Friday after a newspaper quoted a minister as saying the exit could be delayed.

Hedge funds are cautious on the outlook for oil prices, despite a slump at the end of last year, as fears about the global economy outweigh output cuts by OPEC and its allies.

Britain's top local authority pension plans have cut investments in hedge funds in favour of better-performing alternatives, a review of annual reports shows, adding pressure to an industry beset by weak performance, outflows and fund closures.

Vicious but short-lived volatility spikes, spectacularly unsuccessful emerging market bets and a dollar U-turn have hit macro hedge funds hard this year, setting them up for the worst year in seven.

Elliott Management has taken a stake in Pernod Ricard and wants the family-backed French drinks company to try to improve its performance via cost cuts and a potential merger with a rival.

Hedge funds have struggled badly in 2018, but would be faring far worse were they not on the right side of two of the most reliable trades of the year: a flattening U.S. yield curve and a stronger dollar.