>>> Asset Class Flows
- Equities: big $25.4bn inflows (largest since Dec’14) (inflows all via ETFs – esp local-listed A-share ETF’s and SPY)
- Bonds: $1.8bn outflows (5 straight weeks of outflows)
- Commodities: $1.0bn inflows (largest since Apr’15)
>>> Equity Flows
- Japan: $2.3bn inflows (inflows in 19 out of past 20 weeks)
- Europe: $1.4bn inflows (8 straight weeks)
- US: $10.7bn inflows (largest since Mar’15) (note big $6.7 SPY ETF inflows)
- EM: big $10.7bn inflows (3 straight weeks); China equity funds see $13bn inflows, perversely concentrated in local-listed A-share ETFs (Huatai-Pinebridge CSI 300, China SSE 50, Shanghai SSE180 & China Southern CSI 500)
>>> Fixed Income Flows
- 5 straight weeks of outflows from HY bond funds ($1.1bn)
- $0.9bn outflows from IG bond funds (outflows in 3 out of past 4 weeks)
- First EM debt inflows in 7 weeks ($0.1bn)
- First govt/tsy inflows in 11 weeks ($0.2bn)
- 5 straight weeks of outflows from municipal bond funds (modest $0.3bn)
- 5 straight weeks of outflows from bank loan funds ($0.2bn)