Investors sold stocks at the fastest weekly rate this year in the week to Wednesday, Bank of America Global Research said in a report on Friday.
The BofA data captures flows from the run-up to this week's key central bank meetings from the Federal Reserve and the Bank of England, where both held rates steady.keep interest rates as high as neededEquities recorded a weekly outflow of $16.9 billion, while investors bought $2.5 billion of bonds, which recorded a 26th straight week of inflows, BofA said, citing EPFR data.
European equities logged their 28th straight week of outflows, with investors shedding $3.1 billion in this latest week.Investors also pulled $300 million from gold and $4.3 billion from cash. Year-to-date, however, investors have ploughed $1 trillion into cash. BofA described the mindset as "cautious & “paid to wait”."...
bubble & boom in 2010s & 2020/21," the BofA analysts wrote, adding that "higher-for-longer" means a risk of a hard landing and bubble "pops & busts in the first half of 2024. BofA's bull & bear indicator, a measure of market sentiment, fell to 3.4 from 3.6, remaining at a 'neutral' signal. They attributed the drop to outflows from emerging market debt funds, high-yield bonds, and from developed markets long-only investors offsetting record long hedge fund position in 2-year Treasuries.
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