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UPDATE 1-Investors load up on cash, gold in flight from stocks -BofA

Fri, 7th Aug 2020 10:35

(Add details, graphic)

LONDON, Aug 7 (Reuters) - Investors flocked to cash, gold
and investment-grade bonds, BofA's fund flow statistics showed
on Friday, as the United States awaited approval from Congress
for further stimulus.

Trepidation over the fate of the package saw $7.4 billion
leave equity funds in the week to Wednesday, while fund flows
into European equities over the past month also faltered, with
$1 billion flowing out, the BofA data showed.

U.S. equity funds witnessed the biggest outflows in six
weeks, shedding $6.5 billion.

Despite the outflows, the S&P 500 is close to a
record high as stimulus measures already taken helped U.S.
stocks indexes overcome a sell-off in the aftermath of the
coronavirus outbreak.

BofA's sentiment gauge, the Bull & Bear indicator, was stuck
at 3.4, implying "fear" over, "greed" yet to begin.

Gold, which broke through $2,000 to reach record highs this
week, attracted $2.7 billion.

Meanwhile investment-grade bond funds pulled in $14.7
billion as investors followed central banks, whose asset
purchases are running at $2 billion per hour, BofA said.

(Reporting by Thyagaraju Adinarayan; Editing by Sujata Rao and
Alexander Smith)

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