And the BA/ML analysts noted the.....>

US TSYS/STOCKS: And the BA/ML analysts noted the recently weekly data showed

"High Yield outflows" such as the "biggest HY bond fund outflows in almost 6

months ($2.3bn); HY spreads jumped 36bps last week from 364bps to 400bps." 

- They added the "Emerging Market outflows" showed the "first "EM equity and

debt outflows in almost 6 months ($1.7bn); coincides with bounce in oversold USD

(EM reverse-correlated with DXY)."

- They added the "BofAML Bull & Bear indicator drop" occurred on "HY and EM

outflows plus more defensive hedge fund positioning via futures and Aug Fund Mgr

Survey cash flat at 4.9%" so "Bull/Bear indicator drops from 7.7 to 7.2; no

"sell signal" triggered but institutional sentiment on risk assets has been

bullish, e.g. BofAML Aug FMS showed "Goldilocks" macro view at record high."

- They said too "private clients increase cash" as "BofAML GWIM allocation to

cash rising to 10.6% in Aug, on course for 1st MoM increase this year, albeit

from record lows."