--> EM bandwagon continues: 10 straight weeks of EM equity inflows + 10 straight weeks of EM debt inflows…but no EM equity sell-signal from BofAML EM Flow Trading Rule this week (needs huge $10bn inflows next week to trigger)
- Equities: small $0.2bn inflows (inflows in 4 of past 5 weeks)
- Bonds: $6.1bn inflows (inflows in 21 of past 23 weeks)
- Commodities: $1.1bn inflows (first inflows in 4 weeks)
- Money-markets: $12.8bn outflows
*Equity Flows
- EM: 10 straight weeks of inflows ($1.9bn)…but no sell-signal for EM equities forthcoming
- Europe: $1.2bn outflows (record 31 straight weeks of outflows; but pace of outflows slowing)
- Japan: $0.2bn inflows (inflows in 5 of past 6 weeks)
- US: $1.2bn outflows
- By sector: 9 straight weeks of utilities outflows ($0.4bn); 7 straight weeks of telcos outflows ($71mn); first outflows from REITs in 10 weeks ($92mn)
* Fixed Income Flows
- Largest outflows from Govt/Tsy funds in 6 months ($1.9bn) (9 straight weeks of outflows)
- 10 straight weeks of inflows to EM debt funds ($1.2bn)
- $3.9bn inflows to IG bond funds (inflows in 26 of past 27 weeks)
- $1.7bn inflows to HY bond funds (inflows in 9 of past 10 weeks)
- 51 straight weeks of inflows to Munis ($0.9bn)
- 13 straight weeks of inflows to TIPS ($0.1bn)
- 2 straight weeks of outflows from MBS funds ($0.2bn)