News Digest: Global equity funds see first weekly outflow in four weeks
July 30, 2023
Equity funds saw their first weekly outflow in four weeks in what analysts say is a result of concerns over slower growth rates in China and a modicum of caution ahead of the Fed’s policy meeting, a news report says.
Data from Refinitiv Lipper indicates that global equity funds observed net sales of $2.67 billion during the week-ended July 19, booking their first weekly outflow since June 21. The slow pace of growth in the Chinese economy over the second quarter suggested a decrease in both home and overseas demand.
The expectations of a rate hike caused further concerns in the market as investors withdrew $3.04 billion from US equity funds while replacing them with Asian and European funds to the tune of $609 million and $336 million respectively. Sectoral equity funds, however, attracted collective inflows of $1.78 billion.