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UPDATE 1-U.S. fund investors taper Euro stock buying ahead of French vote
2017年4月21日 / 凌晨12点08分 / 7 个月前

UPDATE 1-U.S. fund investors taper Euro stock buying ahead of French vote

 (Adds analyst quotes, table, byline)
    By Trevor Hunnicutt
    NEW YORK, April 20 (Reuters) - Investors stocked up on
safe-haven U.S.-based gold and bond funds ahead of France's
closely watched presidential election, while trimming purchases
of European stock funds, Lipper data showed on Thursday.
    Non-U.S. stock funds attracted $1.5 billion in net cash for
the fifth straight week, according to Thomson Reuters' Lipper
research unit, after pulling in $3.8 billion the prior week.
    U.S.-listed iShares MSCI France ETF posted $57
million in withdrawals on Wednesday, according to the fund's
manager BlackRock Inc. The price rose 1.8 percent on
Thursday.
    Lipper's most recent data covers the seven days through
Wednesday, before a French policeman was shot dead and two
others were wounded in a shooting in central Paris on Thursday
night.
    French voters go to the polls on Sunday in the country's
most tightly contested presidential election in living memory. 
    "We've learned that polls are not perfect indicators of
reality, and I think you have to be concerned. I think there is
a whole series of outcomes that are dangerous to the Eurozone -
to the future of the Eurozone," said Rick Rieder, global chief
investment officer of fixed income at BlackRock, the world's
largest asset manager.
    "We've reduced some risk into it."
    Precious-metals commodities funds offered in the United
States had a net inflow of $830 million, the most in two months,
while taxable-bond funds attracted $1.5 billion.
    U.S.-based European stock funds attracted just $107 million,
about a quarter of what they pulled in the week prior, according
to Lipper.
    Those European equity funds have netted cash in all but two
weeks this year as well as in each of the last eight weeks as
foreign investors see potential bargains and early signs of
economic growth on the continent.
    Polls show anti-European Union candidate Marine Le Pen as a
likely frontrunner for one of two places in France's May 7
run-off. Le Pen wants to dump the euro currency, which could
shake markets.
    Yet two surprise elections last year - the British vote to
leave the European Union in a process called "Brexit," and the
U.S. election of President Donald Trump - have done less damage
to markets than some had predicted.
    "I think that the muscle memory of Brexit and the huge rally
after Trump's surprising win has investors thinking that they
won't be overly panicked by events. You might not like the
outcome, per se, but it's the 'uncertainty factor' that is
removed," said Greg Peters, who runs the Prudential Total Return
Bond Fund.  
    The following is a broad breakdown of the flows for the
week, including mutual funds and exchange-traded funds:
 Sector                    Flow Chg  % Assets  Assets     Count
                           ($blns)             ($blns)    
 All Equity Funds          0.866     0.02      5,707.753  11,570
 Domestic Equities         -0.596    -0.01     4,040.806  8,280
 Non-Domestic Equities     1.462     0.09      1,666.947  3,290
 All Taxable Bond Funds    1.506     0.06      2,385.017  5,827
 All Money Market Funds    -11.303   -0.49     2,307.570  1,017
 All Municipal Bond Funds  0.290     0.08      376.709    1,390
 
 (Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and
Richard Chang)
  

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