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European equities see longest weekly outflow streak since 2016 - BofA

·1-min read
German share price index DAX graph is pictured at the stock exchange in Frankfurt

LONDON (Reuters) - Investors pulled money from both equity and bond funds in the week to Wednesday, with European equity funds seeing their 28th consecutive week of outflows in the longest streak since 2016, BofA said in a research note citing EPFR data.

Equity funds suffered outflows of $5.1 billion, with a $2.6 billion outflow from European equity funds with the region set to be hard hit by an energy supply crunch.

Tech funds suffered their biggest outflow since November 2021 with $1.3 billion leaving, while financials received their biggest inflows -- $2.2 billion -- since January.

Bond funds suffered outflows of $0.8 billion, the first outflows in five weeks, BofA said. High yield bond funds saw outflows of $4.8 bln, the largest outflow in nine weeks.

BofA analysts also said their 'Bull & Bear' indicator, which seeks to track market trends, remained at its maximum bearish level of zero.

(Reporting by Samuel Indyk; editing by Dhara Ranasinghe)