Investors pulled $15.1 billion from equity funds after near record selling in the United States ahead of the G20 Summit, and piled $6.3 billion into bonds in the four trading days to July 2, Bank of America Merrill Lynch said on Thursday, Reuters reports.
Last Friday saw the fifth largest ever day of U.S. equity selling worth $15.7 billion ahead of the crucial G20 summit when U.S. and Chinese Presidents Donald Trump and Xi Jinping met to discuss the trade spat.
The truce over trade and the decision to relax a ban on Huawei Technologies Co Ltd that resulted from the meeting triggered the second-largest ever weekly inflows, worth $2.4 billion, into technology funds, BAML said, citing EPFR data.
The report covered four trading days to July 2, rather than the usual five due to the U.S. holiday on Thursday.