Global equity fund inflows surged to a three-week high in the week ending June 3, driven by strong tech earnings and investor enthusiasm for artificial intelligence.
According to LSEG Lipper data, equity funds attracted a net $21.44 billion, the largest since May 13. European funds led with $11.16 billion, followed by U.S. funds at $7.43 billion and Asian funds at $760 million.
Technology sector funds saw the highest demand, pulling in $9.02 billion, while industrial and metals & mining funds added $1.61 billion and $747 million, respectively. The MSCI World Index hit a record high of 1,138.3 earlier this week.
Global bond funds extended their inflow streak to nine weeks, gathering $24.23 billion. Money market funds saw the largest weekly inflows since January 7, at $159.83 billion.
In contrast, precious metals funds posted a third consecutive weekly outflow of $1.94 billion. Emerging market equity funds saw net outflows of $2.42 billion for a sixth straight week, though bond funds attracted $787 million.