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Stock markets have been selling off since mid-February, wiping
out roughly $6.5 trillion of market values, as the number of
coronavirus cases climbed higher.
Analysts at BofA, parsing weekly data from flow tracking
specialist EPFR, said $23.3 billion was pulled out of equity
funds and $12.6 billion had left bond funds, the most since
December 2018.
The data also showed risk-averse investors withdrew $5.3 billion
from emerging-market equities, the most in 30 weeks.
Investment-grade, high-yield and emerging- equity saw the
biggest drawdown since the 2013 'taper tantrum' -- the U.S.
Federal Reserve's first hint it would reduce a stimulus program
installed during the financial crisis.
Meanwhile, Deutsche Bank said it is "much too early" to declare
the stock market sell-off is over. It expects a 15% to 20% drop
in the S&P 500 from its latest peak.
The benchmark U.S. equities index has so far fallen 10.7% to
3023.94 points from the record highs it touched on February 19.
Deutsche Bank sees the index hitting a bottom "some time" in the
second quarter and recovering from there to 3,250 points by the
end of the year.
(Reporting by Thyagaraju Adinarayan; editing by Larry King)
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