Global equity funds draw inflows for third week on Fed rate cut hopes
Oct 18 (Reuters) -Global equity funds attracted large inflows in the week through Oct. 16, driven by investor optimism about Federal Reserve rate cuts, a tech share rally, and positive earnings expectations.
According to LSEG data, investors acquired a net $30.22 billion worth of equity funds, sharply higher than about $8.03 billion worth of net purchases in the prior week.
The MSCI World index .MIWD00000PUS reached a new record high of 858.13 on Tuesday, bolstered by last week's U.S. producer price report which showed a continued cooling of inflation in September, potentially providing the Fed with the flexibility to cut interest rates next month.
Mark Haefele, chief investment officer of UBS Global Wealth Management said healthy profit growth should drive further U.S. stock gains.
"We believe the third-quarter results should confirm that large-cap corporate profit growth is solid against a resilient macro backdrop."
The U.S. equity funds secured a robust $20.08 billion during the week after about $3.98 billion in net purchases the previous week. Investors also added a net $8.78 billion and $540 million worth of European and Asian funds, respectively.
The financial sector garnered a notable $1.02 billion worth of inflows, the highest weekly net purchase since July 17. The industrial and tech sectors also had net purchases worth $347 million and $241 million, respectively.
Global bond funds lured about $19.95 billion, marking their biggest weekly net purchase since April 2021.
Investors bought a robust $5.16 billion worth of government bond funds, the largest amount since at least November 2023. They also scooped up high yield and loan participation funds of a hefty $2.97 billion and $1.08 billion, respectively.
At the same time, money market funds had a net $19.95 billion worth of sales after three consecutive weeks of net purchases.
In the commodities segment, gold and other precious metals funds experienced $1.11 billion worth of inflows as investors extended net purchases into a tenth successive week. Energy funds, however, saw a second weekly outflow, valued at a net $56 million.
Data covering 29,651 emerging market funds showed bond funds remained in demand for the 17th week in a row, attracting a net total of $298 million. Investors also purchased $100 million worth of equity funds.
Fund flows: Global equities, bonds and money markets https://tmsnrt.rs/3Jt3wjr
Fund flows: Global equity sectors https://tmsnrt.rs/3J5InKT
Weekly flows into global bond funds https://tmsnrt.rs/44OuJ93
Fund flows: EM equities and bonds https://tmsnrt.rs/3ysJzD6
Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Toby Chopra
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