May 7 (Reuters) - Global equity funds attracted massive inflows of investments in the week ending on May 5, boosted by strong corporate earnings and rising hopes of a faster global economic recovery.
According to Refinitiv Lipper data, global equity funds attracted $12.9 billion worth of inflows, the highest amount in three weeks.
Cyclical sectors led the inflows as more industries reopened after pandemic lockdowns and people started to splurge on discretionary items.
Financial sector funds received $1.94 billion, the highest in five weeks, while mining and consumer discretionary sectors received $672 million and $473 million respectively.
However, investors continued to sell funds that invest in Indian equities due to soaring coronavirus cases and deaths in the country, which have raised concerns of a national lockdown.
Meanwhile, global bond funds obtained inflows worth $17.16 billion, the biggest in three weeks.
On the other hand, investors sold $21.6 billion in global money market funds, pointing to a rise in risk appetites.
Among commodities, $46 million left precious metal funds after marginal inflows of $1 million the previous week.
An analysis of 23,845 emerging-market funds showed equity funds received a net $17 million, the lowest since September 2020, while bond funds had $268 million in outflows.
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