· Investors pour cash into equity, bond funds, dump cash - BofA
Investors poured a hefty $25.6 billion into equity funds in the week to Wednesday and $17.9 billion into bond funds, the largest inflow in 10 weeks, BofA's flow data showed on Friday.
In contrast, there was an outflow of $47.3 billion from cash funds, the largest in four months, BofA said.
It noted that an inflow into global stocks over the past five months at $602 billion exceeds the inflow in the prior 12 years of $452 billion.
BofA also pointed to strong flows into investment-grade bonds, emerging market equities. Tech sector inflows resumed too, with $1.6 billion received, the bank added.
· Stock futures are flat after Dow closes above 34,000 for the first time
· World stocks near record highs as China, U.S. data back global recovery hopes
MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.25%,
MSCI’s broadest gauge of world stocks ticked up 0.05% by late Asian trade, staying just below Thursday’s record peak.
Markets in Asia were largely steady after China reported record 18.3% growth in the first quarter, though the reading slightly undershot expectations, while retail sales bounced strongly last month.
The data did little to change the view that its brisk expansion is expected to moderate later this year as the government turns its attention to reining in financial risks in overheating parts of the economy.
Mainland Chinese stocks declined as the Shanghai composite gained 0.46% while the Shenzhen component slipped fractionally. Hong Kong’s Hang Seng index hovered above the flatline.
Australian stocks slipped as the S&P/ASX 200 declined around 0.1%.
Over in India, the Nifty 50 advanced 0.53%. The gains came despite the Covid situation in the country remaining severe, with data released Thursday showing daily virus infections crossing the 200,000 mark.
· Japanese shares end higher on chip stocks boost; corporate outlook worries cap gains
Japanese shares closed slightly higher on Friday as heavyweight chip shares rallied, although concerns around corporate outlook capped the gains.
The Nikkei index ended up 0.14% at 29,683.37, while the broader Topix inched up 0.09% to close at 1,960.87.
· S.Korea stocks post fourth weekly gain on recovery optimism
South Korean shares bounced back from early falls on Friday to mark their forth straight session of gains, as strong economic data from China and the United States cemented hopes for a swifter-than-expected recovery. The won and the benchmark bond yield rose.
The KOSPI closed up 4.29 points, or 0.13%, at 3,198.62. For the week, it added 2.13%, marking the fourth straight weekly gain.
· European markets advance, tracking global sentiment on recovery hopes
The pan-European Stoxx 600 gained 0.3% in early trade, with autos adding 1.6% to lead gains while household goods slid 0.4%.
Shares in Europe are set for a tepid handover from Asia-Pacific, where investors reacted to the release of Chinese economic data. First-quarter gross domestic product and March industrial production missed economist expectations, though GDP grew by a record 18.3%, while March retail sales topped projections.
European investors will have an eye on final euro area inflation figures for March, due for release at 10 a.m. London time, along with February’s balance of trade data.
London’s FTSE 100 rose above the 7,000-mark on Friday for the first time since the pandemic pummelled financial markets last year, as speedy vaccine rollouts and government policy support lifted investor sentiment about a stronger economic re-opening.
The blue-chip index climbed 0.3% to 7,005.68, with heavyweight banking, energy, mining stocks that stands to benefit from an economic recovery gaining between 0.3% and 1.1%.
Reference: CNBC, Reuters
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