Investors poured money into bond and gold funds in the week to Sept. 2 and pulled out of equities, BofA’s weekly flow statistics showed on Friday, as U.S. election fears curbed risk appetite.
BofA sees markets remaining “choppy” with the U.S. S&P 500 .SPX stocks index hitting 3,630 before the Nov. 3 election.
Bond funds saw $22 billion of inflows with investment grade bonds attracting $16.6 billion, the third highest ever, BofA said. That was fuelled by central bank asset purchases that have been running at $1.4 billion per hour since March, when the coronavirus pandemic roiled financial markets.
REUTERS – BUSINESS NEWS – SEPTEMBER 4, 2020 / 1:03 AM / UPDATED 7 HOURS AGO
Reporting by Thyagaraju Adinarayan; Editing by Dhara Ranasinghe
