Global equity funds witnessed weekly outflows for a fifth week in July on caution ahead of the U.S. Federal Reserve’s policy meeting and on lingering fears over a global recession.
According to Refinitiv Lipper, global equity funds booked net selling of $2.73 billion, although weekly outflows; eased to the lowest in five weeks.
Also a cut in Russian gas flows to Europe and European Union leaders’ agreement on an emergency plan to curb demand; raised concerns.
European and Asian equity funds posted outflows of $2.58 billion and $0.55 billion respectively. While the U.S. equity funds drew a net $0.63 million in inflows.
Investors broadly withdrew out of sectoral funds with real estate, industrials, financials and tech recording outflows of $672 million, $593 million, $538 million and $267 million, respectively.