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UPDATE 1-U.S.-based money market funds post $33 bln inflows, largest of 2017 -Lipper
November 30, 2017 / 11:09 PM / in 13 days

UPDATE 1-U.S.-based money market funds post $33 bln inflows, largest of 2017 -Lipper

 (Adds quote from head of research services at Thomson Reuters
Lipper)
    By Jennifer Ablan
    NEW YORK, Nov 30 (Reuters) - Investors poured $33 billion
into U.S.-based money market funds during the week ended Nov.
29, the largest inflows of 2017, Lipper data showed on Thursday,
in a sign that investors might be sensing an end to the equity
market's marathon rally. 
    U.S.-based taxable bond funds attracted $1.56 billion of
inflows in the week ended Nov. 29, the group's second
consecutive week of inflows, Lipper said.  
    "Investors seemed concerned over another missile test by
North Korea and despite some handsome economic releases,
investors are becoming more and more convinced that the equity
market is getting a little long in the tooth and is prime for
some sort of correction," said Tom Roseen, head of research
services at Thomson Reuters Lipper.
    North Korea on Wednesday fired an intercontinental ballistic
missile that initial estimates showed could have achieved the
highest altitude reached by the country's missile program. 
    Yet on Thursday, the S&P closed at a record high and the Dow
Jones Industrial Average broke above the 24,000 mark for the
first time as investors gained confidence that the Republican
party's push for a U.S. tax overhaul would succeed. 
    "The earnings reports have been very good, so there are some
folks out there that think this rally can continue at least
through the end of the year," Roseen added. "While economics
have been good, the relatively strong Q3 earnings reports and
anticipation of the tax bill being passed is driving the market
now." 
    Fast-money traders and big institutional players including
hedge funds poured $5.7 billion into U.S.-based equity
exchange-traded funds in the week ended November 29, their ninth
consecutive week of inflow, Lipper said. 
    Conversely, longer-term retail investors yanked $3.24
billion from U.S.-based stock mutual funds during the same
period, extending the weekly withdrawals the markets have been
witnessing throughout 2017.
    For their part, U.S.-based European equity funds attracted
$47 million in the week ended November 29, the sector's fourth
consecutive week of inflows, Lipper said. U.S.-based emerging
market equity funds posted inflows of $615 million in the latest
week, after outflows of $68 million the previous week. And
emerging market debt funds posted inflows of $150 million in the
week ended November 29, their second straight week of inflows,
according to Lipper data.
    Overall, U.S.-based domestic equities funds attracted $325
million of inflows, their second week of inflows. U.S.-based
non-domestic equities funds posted inflows of $2.12 billion in
the week ended November 29, their 11th consecutive week of
inflows, Lipper said.
    The following is a breakdown of the flows for the week,
including mutual funds and ETFs:   
 Sector            Flow Chg ($Bil)  % Assets  Assets      Count
                                              ($Bil)      
 All Equity Funds  2.449            0.04      6,412.734   12,133
 Domestic          0.325            0.01      4,314.250   8,657
 Equities                                                 
 Non-Domestic      2.124            0.10      2,098.484   3,476
 Equities                                                 
 All Taxable Bond  1.562            0.06      2,609.505   6,048
 Funds                                                    
 All Money Market  33.121           1.31      2,570.024   1,039
 Funds                                                    
 All Municipal     0.100            0.03      397.940     1,474
 Bond Funds                                               
 
 (Reporting By Jennifer Ablan; Editing by Dan Grebler and Andrew
Hay)
  

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