(BofA-ML) Flow Show - Big Damage but no Big Panic

>>> Asset Class Flows
- Equities: $8.8bn outflows (largest in 17 weeks) (outflows from both ETFs & mutual funds)
- Bonds: $3.3bn inflows (largest in 11 weeks)
- Money-markets: $7.9bn outflows (outflows in 3 of past 4 weeks)
- Commodities: small $83mn inflows

>>> Equity Flows
- EM: 10 straight weeks of outflows; but outflows of $0.5bn very modest
- US: $12.0bn outflows (largest in 17 weeks) (outflows via ETFs & mutual funds)
- Europe: $1.3bn inflows (inflows in 32 of past 34 weeks)
- Japan: $0.9bn inflows (6 straight weeks)

>>> Fixed Income Flows
- $0.9bn inflows to Govt/Tsy funds (largest in 13 weeks)
- $1.9bn inflows to IG bond funds (largest in 5 weeks)
- 16 straight weeks of inflows to Munis ($1.1bn – largest in 12 months)
- Modest $0.4bn inflows to EM debt funds (second straight week after outflows in 21 of 22 weeks)
- Modest $0.4bn outflows from HY bond funds (outflows in 4 of past 5 weeks)
- 10 straight weeks of outflows from bank loan funds ($0.6bn) (outflows in 22 of past 23 weeks)