BofA Flow Show:
- Record cash outflow linked to 'risk-on' sentiment, but also tax-related.
- EM stocks see USD 10.5bln outflow, largest in 11 weeks; Korea posts record outflow of USD 2.5bln.
- European stocks see USD 4.7bln outflow, largest since November 2024.
- Investors pull record USD 172.2bln from cash in latest week.
- Stocks post USD 11.3bln inflow, driven by USD 17.4bln inflow to US equities.
Context
The latest flow data highlights significant shifts in investor sentiment, with record cash outflows indicating a strong 'risk-on' appetite despite tax-related withdrawals. Notably, emerging markets and European equities experienced substantial outflows, while US equities attracted notable inflows. This suggests a potential reallocation towards risk assets that could have implications for future market volatility and equity valuations.
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