Ahead of vote, UK equity funds see second-largest outflows ever
BAML says UK equity funds lost US$1.1b in the week to June 15
London
THE scale of withdrawals from UK equity funds was the second highest on record because of uncertainty over the June 23 referendum on Britain's membership of the European Union, Bank of America Merrill Lynch said on Friday.
Worries that Britain, the world's fifth-largest economy, could decide to quit the EU in next week's vote have dominated markets this week and driven investors towards safe-haven assets such as gold and away from stocks. "June thus far has been all about the risk-off Brexit trade," BAML strategists wrote in a note to clients.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons