LONDON (Reuters) – Investors stampeded out of European equities at their fastest pace on record as the Russian invasion of Ukraine forced investors to seek shelter in perceived safe-haven assets like gold and cash.
At a global level, investors pumped $2.4 billion into gold and pulled out $1.4 billion from equities and $13.2 billion from bonds, said BofA in its report based on EPFR data.
Emerging market debt also saw its biggest outflows in two years.
The U.S. investment bank’s widely tracked “bull & bear indicator” slipped further to 2.9 from 3.4 thanks to outflows, worsening market breadth and bad European credit technicals. Levels below 2.0 is considered as a “buy signal” by BoFA.
(Reporting by Julien Ponthus; Editing by Saikat Chatterjee)
