Global equity funds see biggest weekly outflow since mid-Dec

Global equity funds saw massive outflows in the week to March 2 as investors sought safer havens for their assets amid Russia's invasion of Ukraine, reports Reuters.

Investors offloaded global equity funds worth a net $13.09 billion, in their largest weekly net selling since Dec. 15, Refinitiv Lipper data showed.

Meanwhile, the rush for safety led inflows of $15.9 billion into money market funds, their biggest net purchases in eight weeks.

European equity funds were under intense selling pressure, facing outflows of $15.06 billion. Investors also sold $1.7 billion worth of US equity funds, but purchased Asian funds worth $2.78 billion.

Financials lost $3.76 billion in net selling, the biggest weekly outflows since at least April 2020. Investors also sold $623 million and $543 million of consumer discretionary and tech funds respectively, but purchased energy sector funds of $867 million.

Investors jettisoned global bond funds of $11.66 billion in a eighth straight week of net selling.

Short- and medium-term global bond funds witnessed net selling worth $5.8 billion, a 88 per cent higher outflow compared with previous week, while high-yield bond funds accounted a $2.31 billion worth of outflow, in a eighth consecutive week of net selling.