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Investors shed stocks at the fastest weekly rate in 2023


LONDON (Reuters) – Investors sold stocks at the fastest weekly rate this year in the week to Wednesday, Bank of America Global Research said in a report on Friday.

Equities recorded a weekly outflow of $16.9 billion, while investors bought $2.5 billion, of bonds, which recorded a 26th straight week of inflows, BofA said, citing EPFR data.

They also pulled $300 million from gold and $4.3 billion in cash. Year-to-date however, investors have ploughed $1 trillion into cash. BofA described the mindset as “cautious & “paid to wait”.

Meanwhile, they have put $147 billion into U.S. Treasuries so far this year.

BofA’s bull & bear indicator, a measure of market sentiment, fell to 3.4 from 3.6.

(Reporting by Lucy Raitano; Editing by Amanda Cooper)

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