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Doubts about the competitiveness of US business in light of sustained USD strength led to the sell-off in US equities, prompting investors to pull funds out of both US equities and US HY funds.
On the other hand, the start of European Central Bank bond buying supported further inflows to European risk assets, both equity and HY funds.
According to Standard Chartered research metrics, stronger USD also led to outflows from EM local-currency funds:
- EM bond fund flows also highlighted the theme of USD strengthening, with hardcurrency (HC) bond funds receiving small inflows but EM local-currency (LC) bond funds witnessing outflows. Both retail and institutional investors drove outflows from EM LC bond funds.
- Developed-market (DM) bond funds received small inflows during the week, driven primarily by institutional accounts, with retail investors reducing their exposure. EM equity funds witnessed outflows. In Asia ex-Japan (AXJ), most country-domiciled funds saw outflows, except India-domiciled funds. Regional funds also saw small inflows.
