Risk-off into Payrolls
>>> Asset Class Flows
- Equities: $16.9bn outflows (largest outflows in 8 months) ($13bn mutual fund outflows and $4bn ETF outflows)
- Bonds: $5.6bn inflows (inflows in 9 of past 10 weeks)
- Precious metals: $1.7bn inflows (largest in 9 weeks) (inflows in 16 of past 17 weeks) (Chart 3)
- Money-markets: $4.3bn outflows ($122bn outflows past 10 weeks)
>>> Equity Flows
- Europe: $2.8bn outflows (13 straight weeks = longest streak since Feb’08)
- US: $13.7bn outflows (largest outflows since Sep’15)
- Japan: $0.8bn outflows (8 straight weeks) (longest streak since Feb’12)
- EM: small $0.5bn outflows
- By sector, 11 straight weeks of REITs inflows ($1.1bn); largest tech outflows in 12 weeks ($0.9bn); another week of chunky outflows from consumer funds ($0.6bn)
>>> Fixed Income Flows
$5.0bn inflows to IG bond funds (largest in 13 months) (9 straight weeks)
$2.0bn outflows from HY bond funds (largest in 12 weeks)
$1.0bn inflows to Munis (33 straight weeks)
$0.6bn inflows to TIPS (12 straight weeks)
$1.2bn inflows to EM debt funds (11 straight weeks)
$0.9bn outflows from Govt/Tsy funds (11 straight weeks)