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Friday, June 2, 2023

U.S. the only region to draw inflows this week, financials suffer: BAML

U.S. the only region to draw inflows this week, financials suffer: BAML© Reuters. FILE PHOTO: Sheets of Lincoln five dollar bill are inspected with magnifying glass at Bureau of Engraving and Printing in Washington

LONDON (Reuters) – The U.S. was the only global region to enjoy inflows this week, with $5.1 billion pumped into U.S. stock funds while the same amount flooded out of emerging markets funds, Bank of America Merrill Lynch (NYSE:) strategists said on Friday.

Investors pulled $2.7 billion out of European equities and $1.9 billion out of Japan.

It was the seventh straight week of inflows for U.S. equities which have benefited from their heavy weighting in big tech stocks.

In a week of new highs for the tech-heavy Nasdaq, investors kept hungrily buying tech stocks, putting the sector on course for a record annualized inflow of $37 billion.

Meanwhile investors shed financials stocks at a rate not seen since September 2016.

Some $1.4 billion flowed out of financials as investors adjusted their expectations of quantitative tightening after a more dovish than expected ECB.

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Source: Investing.com

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