J.P.Morgan: Summer Sees Record Inflows From U.S. Retail

J.P.Morgan note that they "had previously highlighted the strengthening of the U.S. retail impulse into individual stocks and ETFs to a record high in July. Since then, we have seen a slight slowing but the total monthly retail flow for August remained very high by historical standards, ending a record summer. The estimated retail investor net flow into U.S. equities and ETFs rose to a record high of almost $16bn in July. The monthly flow remained very high in August at around $13bn, well above the previous record high of $10bn seen last June. It is worth noting here that the actual net flow was likely bigger than the above estimates, and retail investors' gross flows into equities are up to 20 times bigger than the net flows."