Global equity funds register outflows

Global equity funds registered net outflows for the first time in three weeks in the week to November 9, undermined by caution ahead of the US midterm election results and the release of key inflation data, reports Reuters.

According to Refinitiv Lipper data, investors exited a net $11.56 billion worth of global equity funds, after obtaining funds worth $13.98 billion in the previous week.

The US and European equity funds recorded withdrawals worth $10.5 billion and $830 million respectively, although Asian funds saw net purchases of $290 million.

By sector, tech witnessed net selling worth $1.87 billion, the biggest outflow in 11 weeks, but financials and healthcare, both received inflows of about $450 million each.