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6 Sep 2013
Flash: Buyers strike ahead of big US data – BAML
FXstreet.com (London) - Research teams at Bank of America Merrill Lynch noted market action this week.
Key Quotes:
“Retail flows in Europe were low across the board over the last week and, in our opinion, signal anxiousness - rather than panic - ahead of today's big US data. Fixed-income funds saw moderate outflows (3rd week in a row)”.
“High-yield funds saw smaller outflows than the week before (again 3rd week in a row of outflows), but investment-grade outflows picked up marginally”.
“European equities saw their 10th week of inflows, although there was some anxiousness here as well with the rate of inflow halving from the previous week. Global EM debt funds saw their 15th straight week of outflows!”.
“Money market funds, however, saw a reasonable inflow of $4.2bn over the week (5th weekly inflow in the last 6 weeks), reflecting a parking of cash or perhaps optimism towards the ECB's forward guidance efforts”.
Key Quotes:
“Retail flows in Europe were low across the board over the last week and, in our opinion, signal anxiousness - rather than panic - ahead of today's big US data. Fixed-income funds saw moderate outflows (3rd week in a row)”.
“High-yield funds saw smaller outflows than the week before (again 3rd week in a row of outflows), but investment-grade outflows picked up marginally”.
“European equities saw their 10th week of inflows, although there was some anxiousness here as well with the rate of inflow halving from the previous week. Global EM debt funds saw their 15th straight week of outflows!”.
“Money market funds, however, saw a reasonable inflow of $4.2bn over the week (5th weekly inflow in the last 6 weeks), reflecting a parking of cash or perhaps optimism towards the ECB's forward guidance efforts”.