Where did the smart money go in June?

Tighter liquidity conditions may be just round the corner but, in the meantime, investors are determined to keep riding the wave. Cherry Reynard reports.

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Tighter liquidity conditions may be just round the corner but, in the meantime, investors are determined to keep riding the wave. Cherry Reynard reports.

Last month saw healthy flows into a broad variety of assets, including those apparently exposed to a rise in interest rates, such as emerging markets, property and even parts of the fixed income markets. Could it be that financial markets are moving towards the final stage of a bull run: euphoria? Global fund flows showed a renewed preference for emerging equity and bond markets, and Asia in particular, after improved data on the Chinese economy. The HSBC Flash China Manufacturing PMI hit a seven month high in June, which prompted a return to Asia ex Japan funds. In the week to 25 June, ...

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