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Jefferies & Co. analyst Daniel Fannonthis morning sifts through Lipperfund data from last week, observing that ETFsdominated fund flows and that emerging market equity fundsshowed the first net withdrawals since May, perhaps prompted by China's rate raising regime (rates were hikedanother quarter point over the weekend.)

ETFs took in $7.8 billion last week on a net basis, while taxable bond funds took in $2.2 billion. Equity funds took in $1.1 billion in net inflows, Fannon notes. Excluding the $1.68 billion drop in global equity funds, U.S. equities, including ETFs, saw $9.48 billion of net inflows last week.