Recession worsens, major outflows hit most asset classes.

 

According to Bank of America Corp.’s report using EPFR Global data, global equity funds had $5.2 billion in outflows in the week ending May 18, led by mutual fund redemptions, while US stock funds saw a minor $0.3 billion inflow. Only Treasuries and government debt saw inflows, with outflows totaling $12.3 billion. Cash and gold were also sold by investors.

In the past week, investors have abandoned most major asset classes, with US equities and Treasuries being the only exception, amid fears that tighter monetary policy may push leading economies into recession.

Fears of an impending recession have been overstated, according to Goldman Sachs Group Inc.’s Kostin and JPMorgan Chase & Co.’s Marko Kolanovic, while Morgan Stanley and BofA warn the equities market fall has further to go.

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