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China, the Ukraine and corporate earnings roil the waters for equity funds in mid-April

Tue, 22/04/2014 - 16:01

Heading into the Easter weekend EPFR Global-tracked emerging markets equity and bond funds were both on course to post a third consecutive week of inflows.

But daily data showed the pace of inflows ebbing in the face of renewed political tensions in the Ukraine and disappointing economic data from China.
 
US fund groups, meanwhile, were absorbing their own one-two combination of punches from a mixed 1Q14 corporate earnings seasons and the demands of the April 15 tax deadline.
 
Combined daily data for the six days ending April 15 show all equity funds posted collective net inflows of USD287 million as commitments to most major groups were largely offset by over USD7 billion in US equity fund redemptions.
 
Outflows from US money market funds in excess of USD40 billion also swamped solid commitments to European and Japanese funds, resulting in net redemptions for all money market funds of USD36.5 billion. Bond funds took in USD2.07 billion.
 
At the country level Russia equity funds stumbled for the first time since mid-March and China equity funds, which recently snapped an outflow streak stretching back to late January, are struggling again.
 
Investors looking at European equity markets shifted their focus from Italy to Spain while their fixed income counterparts continue to pour money into Sweden bond funds.


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