LONDON (Reuters) – U.S. large cap stocks suffered their largest weekly outflow since December 2022 in the week to Wednesday, Bank of America said, with traders nervous that sticky inflation will push rate cuts further out and geopolitical tensions adding to caution.
U.S. large caps saw $15.8 billion of outflows in the week, while stocks in general saw outflows of $19.6 billion, Bank of America said in its weekly round up of flows in and out of world markets using EPFR data.
The week to Wednesday covered last Thursday’s jitters on Wall Street on hawkish remarks from Federal Reserve officials and oil nudging above $90 a barrel, and this Wednesday’s stock market tumble after stronger-than-expected U.S. inflation data.
(Reporting by Alun John; editing by Dhara Ranasinghe)
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