* Another week of risk-off flows: $5.8bn equity redemptions vs $2.8bn bond inflows & $1.8bn precious metals inflows
* Defensive sector rotation: into utilities, REITs out of tech.
- Equities: $5.8bn outflows (6 straight weeks) (note $4.1bn mutual fund outflows and $1.8bn ETF outflows)
- Bonds: $2.8bn inflows (inflows in 11 of past 12 weeks)
- Precious metals: $1.8bn inflows (largest in 11 weeks) (inflows in 18 of past 19 weeks)
- Money-markets: $1.2bn outflows
>>> Equity Flows
- Japan: $0.6bn inflows (largest in 10 weeks) (2 straight weeks)
- Europe: $1.1bn outflows (15 straight weeks) (but smallest outflows in 6 weeks)
- EM: $1.6bn outflows (3 straight weeks)
- US: $4.9bn outflows (outflows in 5 of past 6 weeks)
- By sector, 13 straight weeks of REITs inflows ($0.5bn); 5 straight weeks of tech outflows ($0.5bn); largest outflows from healthcare in 7 weeks ($0.7bn)
>>> Fixed Income Flows
- $1.5bn inflows to IG bond funds (11 straight weeks)
- $1.3bn inflows to Munis (35 straight weeks)
- Small $0.1bn outflows from HY bond funds (3 straight weeks)
- First outflows from TIPS funds in 14 weeks ($0.2bn)
- First outflows from EM debt funds in 13 weeks (albeit tiny $38mn)
- Small outflows ($83mn) from Govt/Tsy funds (13 straight weeks)