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The
$3.3 billion redemption from U.S. equity funds followed almost
$9 billion of outflows the previous week, as political turmoil
in Washington and underwhelming U.S. economic data unnerved
investors.
U.S. equity funds have now posted eight weekly outflows of the
last 10 as the conviction grows that Wall Street is due a
correction. Last week's slip didn't last long, and the S&P 500
<.SPX> and Nasdaq <.IXIC> rebounded to hit fresh record highs
this week.
European equity funds attracted $400 million inflows, a fairly
small amount but the ninth weekly inflow in a row. Globally,
equity funds posted a net inflow of $1.6 billion in the week to
Wednesday, BAML said.
Investment grade bond funds pulled in $6.7 billion, marking the
22nd straight week of inflows and bringing the total inflow over
the last five years up to $541 billion.
Investors shunned high yield bonds, however, pulling $100
million from these funds, said BAML, who also uses data from
fund research house EPFR Global.
Overall, bond funds attracted $7.8 billion of inflows in the
week to Wednesday, the 21st inflow out of the last 22 weeks.
Emerging market funds performed well, with bonds pulling in $1.1
billion and stocks $1.0 billion. That marked the 17th and 10th
consecutive weekly inflows, respectively, BAML said.
This was despite a broad sell off across emerging markets on
Thursday last week following allegations that Brazil's President
Michel Temer condoned bribes to silence a key witness in a
corruption probe.
(Editing by Elaine Hardcastle)
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