The US stock market accounted for $56bn of the $116bn pumped into exchange traded funds
The all-powerful US equity market grabbed the lion’s share of a solid $116.1bn of global net inflows to exchange traded funds in May, as the industry bounced back from April’s “muted” $69.6bn of buying. However, amid signs that the tectonic plates of monetary policy and market dynamics were slowly shifting, there were noteworthy inflows to some comparatively niche areas such as European equities, utility stocks and high-yield bonds. High-yield bond ETFs pulled in a net $5.
Matthew Bartolini, head of SPDR Americas research at State Street Global Advisors, cited “supportive earnings and economic momentum trends” in Europe, as “a likely catalyst for the recent turn in sentiment”, which has induced four consecutive months of European equity ETF buying by US investors. Chedid eyed a continuation of this trend. “We do think it has room to go further,” he said. “We think are under-owned.
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