US equity funds see outflows for sixth week in a row
economic data from China and Europe, and a surge in U.S Treasury yields.
According to LSEG data, investors withdrew a net $5.96 billion out of U.S. equity funds during the week, compared with about $4.42 billion worth net withdrawn the previous week.
Data pointing to a slowdown in the services sector in China and Europe in August, stirring concerns about global economic growth.
Meanwhile, U.S.
Treasury yields surged to a two-week high on Wednesday after data showed the services sector unexpectedly accelerated in August, indicating that inflation pressures remain firm.
Investors offloaded about $3.96 billion worth of equity large-cap funds compared with about $110 million worth of net selling in the previous week. Small- mid-, and multi-cap funds also witnessed $1.56 billion, $365 million and $4 million worth of net selling, respectively.
Among sectors, communication services, consumer staples, and metals & mining saw $460 million, $320 million and $267 million, worth of net selling, respectively.
Money market funds drew $32.18 billion worth of inflows, the biggest amount in three weeks.
U.S.
bond funds witnessed outflows for a fourth successive week, with about $622 million in net selling.
Investors sold U.S. general domestic taxable fixed income funds worth $1 billion, the biggest amount in three months.
