Reuters reports that BofA's weekly fund flow stats showed that investors stormed into financial and energy stocks last week, frontloading positions ahead of U.S. president-elect Joe Biden's announcement of a $1.9 trillion stimulus package.

The reflation trade saw stocks bagging $26.8 billion inflows with energy attracting $3.6 billion, the second highest ever. Financials meanwhile saw a "meaty" $2.1 billion flowing in, the U.S. investment bank said citing EPFR data.