STOCKS | Bank of America Says Money Market and Bond Funds Attracted Most Weekly Inflows

According to Sina Finance, Bank of America said all major asset classes saw inflows this week, with money market funds and bond funds absorbing the bulk of the money. Citing EPFR Global data, it said money market funds took in $30 billion in the week through September 2, bond funds drew $18.3 billion, gold attracted $3.2 billion, stocks received $16.1 billion, and cryptocurrencies saw $500 million in inflows. Bank of America also said cryptocurrencies recorded $5.5 billion in net inflows over the past five weeks, the highest since October last year; stock inflows were the lowest in nine weeks; technology stocks saw $1.5 billion in outflows, the largest since June; and financial stocks posted outflows for a fifth straight week, totaling $900 million. Led by Michael Hartnett, the strategists said the sharp rise in the yen suggests a policy panic is emerging, and that policies designed to sustain nominal macroeconomic prosperity and an asset-price bull market imply continued bullishness on commodities and gold as hedges against currency debasement. In regional flows, U.S. stocks saw inflows for a third straight week at $15.6 billion, European stocks drew $1.2 billion for a second consecutive week, Japanese stocks attracted $200 million for a tenth straight week, and emerging markets again saw outflows of $11.9 billion. In fixed income, investment-grade bonds drew inflows for a 22nd straight week at $9.2 billion, high-yield bonds returned to inflows with $1.5 billion, U.S. Treasuries saw inflows for a tenth straight week at $6.2 billion, emerging-market bonds drew $1.1 billion for a fifth straight week, and bank loans posted outflows for the first time in 13 weeks at $600 million.