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According to the Bank of America Merrill Lynch analyst team, global equity funds have their first inflows in six weeks, with European equity funds reaching a new high in one and a half years and emerging market equity funds reaching a new nine-month high.
Using data from EPFR, a financial market liquidity data firm, Bank of America Merrill Lynch said investors' inflow to equity funds amounted to $6.1 billion, of which $7.1 billion went to ETFs, while $1 billion went out of mutual funds.
In terms of regions, European equity funds have a capital inflow of US $1.3 billion, a new high in 87 weeks. Funds mainly investing in emerging markets have a capital inflow of US $1.4 billion, while those in the United States and Japan have a capital inflow of US $1 billion and US $900 million, respectively.
Analysts at Merrill Lynch said this shows that there is a turning point in the demand for non US stocks, which means "the bubble of the debt market is evolving to the stock market". Last week, $7.8 billion also went to bond funds.
Analysts at Bank of America Merrill Lynch added that the total market value of the global stock market is currently $85.5 trillion, close to a record high. The S & P 500 has risen 349% in 128 months since hitting a low in March 2009, the longest bullish run in history.
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