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US TSYS SUMMARY

Slightly Upbeat Mood Ahead Of PCE

UK T-BILL AUCTION RESULTS

GBP2.5bln of 1/3/6-month UKTBs

BONDS

BTP/Bund spread widening by 1.7bps

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J.P.Morgan note that in the week ending 5 May:

  • EM bond flows were +$499mn (+0.09% of weekly AUM, prev. +$648mn); EM equity flows were +$106mn (+0.01% of weekly AUM, prev. +$2.3bn).
  • YTD flows to EM bonds and equities: +$32.4bn and +$79.7bn, respectively.
  • EM Bond Funds: Overall inflows fell marginally as hard currency bond fund inflows halved (+$300mn), whereas local currency bond fund inflows increased marginally (+$199mn). Net China-related local currency bond fund inflows accounted for +$106mn of the local currency bond fund flow.
  • EM Equity Funds: Overall inflows declined substantially to +$106mn (prev. +$2.3bn), the smallest net inflow since September 2020. Within regional equity funds, Asia ex-Japan had its first weekly outflow since the end of August 2020 of -$431mn (prev. +$1.6bn); both EMEA and Latam had marginal outflows too (-$27mn and -$114mn, respectively).
  • Global Cross-Asset Funds: US HG inflows increased to the highest level since August 2020 (+$7.7bn prev. +$5.1bn), and US HY funds reverted back to inflows after two weeks of outflows (+$389mn prev. -$1.4bn).
  • Non-resident EM Portfolio Flows: EM local bonds had outflows (-$185mn prev. +$200mn), as inflows into Indonesia (+$326mn) were offset by outflows in both Hungary (-$356mn) and South Africa (-$154mn). Non-residents net sold EM equities at the largest pace in 6 weeks (-$4.1bn prev. +$559mn), led by Korea (-$1.2bn), Thailand (-$1.1bn), and India (-$754mn).