--> Risk-on: 1st equity inflows in 8 weeks, 1st EM equity inflows in 5 weeks, smallest European equity outflows in 14 weeks, largest bank loan inflows in 12 weeks
- Equities: $1.5bn inflows (first inflows in 8 weeks) (note divergence between $6.4bn ETF inflows & $4.9bn mutual fund outflows)
- Bonds: $2.9bn inflows (inflows in 13 of past 14 weeks)
- Precious metals: $0.5bn inflows (inflows in 19 of past 21 weeks)
- Money-markets: $8.4bn outflows (largest in 6 weeks)
>>> Equity Flows
- Japan: $0.2bn inflows (inflows in 3 of past 4 weeks)
- EM: $0.3bn inflows (first inflows in 5 weeks)
- Europe: 17 straight weeks of outflows ($0.7bn – but this is smallest outflows in 14 weeks)
- US: $1.2bn inflows (first inflows in 5 weeks)
- By sector, REITs see inflows in 14 of past 15 weeks ($0.6bn); financials see largest inflows in 6 months ($0.6bn); first inflows to tech in 7 weeks ($0.1bn)
>>> Fixed Income Flows
- $1.0bn outflows from Govt/Tsy funds (outflows in 14 of past 15 weeks)
- 5 straight weeks of outflows from HY bond funds (albeit a modest $0.7bn)
- $2.7bn inflows to IG bond funds (13 straight weeks)
- Inflows to EM debt funds in 13 of past 15 weeks ($0.2bn)
- 37 straight weeks of inflows to Munis ($0.8bn)
- Largest inflows to bank loan funds in 12 weeks ($0.4bn)
- Inflows to TIPS funds in 15 of past 16 weeks (albeit small $47mn)