Inflows to developed markets trending higher than into emerging markets

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Inflows to developed markets trending higher than into emerging markets - BofA

Published Jul 07, 2023 09:12AM ET

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Inflows to developed markets trending higher than into emerging markets - BofA

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In the firm's Flow Show note Friday, BofA analysts said that for the first time since November 2022, inflows to developed markets — $31 billion past eight weeks — are trending higher than into emerging markets.

The analysts revealed in the weekly flows section that $29B went into cash and $13B to equities, while there was $9.8B to bonds compared to $0.6B from gold funds.

Cash saw the "1st inflow to money market funds in 4 weeks...total cash AUM now monster $7.8tn," the analysts wrote. Meanwhile, they revealed that inflows to Japanese stocks in the past five weeks were $8.9B, while they saw the largest inflow to U.S. large-cap funds in almost eight months — $12.9B.

On the forex market, the analyst wrote that they see risk-off coming into play.

"FX so often the origin of deleveraging...v few see new rates shock as sinister but should big FX carry-trades (none bigger than long Mex peso-short Japan yen) start reversing bigly & U.S. dollar pops, we see some proper risk-off," said the analysts.

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