EM Ex-China Local FX Bond Funds Post Third Week Of Outflows

J.P.Morgan note that in the week ending 28 April:

• EM bond flows were +$648mn (+0.12% of weekly AUM, prev. +$462mn); EM equity flows were +$2.3bn (+0.15% of weekly AUM, prev. +$1.2bn).
• YTD flows to EM bonds and equities: +$31.9bn and +$79.5bn, respectively.
• EM Bond Funds: Overall inflows increased marginally this week as hard currency bond fund inflows bounced back (+$618mn), whereas local currency bond fund net flows were basically flat (+$30mn). Net China-related local currency bond fund inflows accounted for +$118mn of the local currency bond fund flow.
• EM Equity Funds: Overall inflows nearly doubled +$2.3bn (prev. +$1.2bn). Within regional equity funds, Asia ex-Japan inflows increased materially +$1.6bn (prev. +$210mn); EMEA had small outflows (-$12mn); and Latam had inflows (+$106mn).
• Non-resident EM Portfolio Flows: EM local bonds had marginal inflows (+$27mn, prev. -$198mn), as outflows from South Africa (-$323mn) were offset by inflows in Indonesia (+$398mn). Non-residents net bought EM equities (+$452mn prev. -$1.8bn), with strong inflows into Taiwan (+$1.7bn) offsetting outflows from both Korea (-$743mn) and India (-$445mn).