A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2020. REUTERS/Andrew Kelly
LONDON (Reuters) – Investors pulled out of most asset classes, with stocks and bond funds seeing a combined $36 billion of outflows in the week to Wednesday, BofA said, amid fears of economic damage from the coronavirus epidemic.
Stock markets have been selling off since mid-February, wiping out roughly $6.5 trillion of market values, as the number of coronavirus cases climbed higher.
Analysts at BofA, parsing weekly data from flow tracking specialist EPFR, said $23.3 billion was pulled out of equity funds and $12.6 billion had left bond funds, the most since December 2018.
The data also showed risk-averse investors withdrew $5.3 billion from emerging-market equities, the most in 30 weeks.
Investment-grade, high-yield and emerging- equity saw the biggest drawdown since the 2013 ‘taper tantrum’ — the U.S. Federal Reserve’s first hint it would reduce a…