According to Bank of America data citing EPFR, global equity funds experienced their largest weekly outflow in six weeks, totaling approximately $9.4 billion. US equities saw an outflow of $1.8 billion, while Japanese equities faced a $4 billion outflow. In contrast, European equities recorded inflows for the sixth consecutive week. Emerging market equities encountered their largest outflow in 14 weeks, although emerging market debt saw its fifth consecutive week of inflows, marking the biggest weekly inflow since January 2023. The bond market attracted $25 billion in inflows, with investment-grade bonds receiving their largest weekly inflow since September 2024 and high-yield bonds their biggest since November 2023. Gold experienced a $2.9 billion outflow, the largest weekly decline since April 2013 and the third largest ever recorded. Additionally, data from LSEG Lipper indicated that $11 billion was redeemed from US equity funds, with financials seeing the biggest outflows and industrials the largest inflows. Despite recent outflows, gold has outperformed Treasury bonds by the largest margin in the past two decades, mainly driven by gains over the last two years.