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Bank of America (BofA) reports that its clients sold equities for the largest weekly outflow since November 2020, amounting to $8.0 billion in the final week of August. This marks the second consecutive week of net selling by BofA Securities clients, driven by uncertainty over the economic backdrop. The financial sector has been hit hardest, contributing to the seventh straight week of net sales in global equities.
BofA: "In the final week of August (ahead of a historically weak month for stocks), BofA Securities clients were net sellers of US equities (-$8.0B) for a second week in a row- the largest weekly outflow since late 2020 amid uncertainty over the econ backdrop"
BofA clients run for the exits.. Largest weekly outflow from US stocks since November 2020. From @neilksethi https://t.co/RPQwiCJ7AG
BofA says clients sold equities for largest weekly outflow since late 2020 https://t.co/0LmWaUt0On https://t.co/jbgZOR7o1P
