Reuters reports that a weekly round-up by BofA showed that global equity funds saw their first outflows in 2021 as rising pessimism about U.S. President Joe Biden's spending plans triggered large outflows, while cash, government, debt and gold saw heavy inflows.

At $24.2 billion, global stock funds saw their biggest outflows since March 2020 as investors cut their equity holdings in favour of cash where they ploughed in $39.6 billion of funds. Bond funds saw inflows of $10 billion.