Market indicator in "extremely bearish" territory for third straight week, Bank of America says

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A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 16, 2022. REUTERS/Brendan McDermid

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LONDON, July 1 (Reuters) - A market indicator measuring how investors are positioned held at "extremely bearish" levels for a third consecutive week as investors yanked more cash out of equities and bonds, BoFA Securities said in a weekly note on Friday.

Outflows from European equity funds extended into its twentieth week, while emerging market debt has now seen outflows for the past 12 weeks, BoFA said citing EPFR data.

In a sign that inflationary expectations have not yet peaked, inflows into inflation-adjusted bond funds saw their biggest inflows in 12 weeks, the U.S. investment bank said.

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Reporting by Saikat Chatterjee; Editing by Tommy Reggiori Wilkes

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