Global money market funds witness inflows for sixth straight week

Global money market funds continued to attract strong inflows in cautious trade in the week ended April 5 as a raft of economic data during the week signalled weakening in the U.S. manufacturing activity and a cooling in the labor market.

Funds in the global money market saw purchases worth a net $61.91 billion, that marked a sixth consecutive week of net inflows, data from Refinitiv Lipper showed. Investors also purchased a net $3.38 billion worth of government bond funds.

The U.S., European and Asian money market funds obtained inflows worth $42.51 billion, $25.62 billion and $280 million, respectively.

Riskier equity funds, meanwhile, witnessed $8.37 billion worth of outflows after $17.99 billion net selling in the previous week.

Financials and healthcare sector funds logged outflows of $1.54 billion and $979 million, respectively, although tech received $616 million worth of inflows.

This report’s information was first seen on REUTERS; to read more, click this link.