LONDON (Reuters) - The U.S. was the only global region to enjoy inflows this week, with $5.1 billion pumped into U.S. stock funds while the same amount flooded out of emerging markets funds, Bank of America Merrill Lynch (NYSE:BAC) strategists said on Friday.
Investors pulled $2.7 billion out of European equities and $1.9 billion out of Japan.
It was the seventh straight week of inflows for U.S. equities which have benefited from their heavy weighting in big tech stocks.
In a week of new highs for the tech-heavy Nasdaq, investors kept hungrily buying tech stocks, putting the sector on course for a record annualized inflow of $37 billion.
Meanwhile investors shed financials stocks at a rate not seen since September 2016.
Some $1.4 billion flowed out of financials as investors adjusted their expectations of quantitative tightening after a more dovish than expected ECB.