Gold absorbed US $ 40,000 million during the first semester and marked a record. In the same period, to have a margin, the shares had tickets for US $ 325,000 million, and the US $ 26,000 million bonds, as reported Bank of America in a weekly report.
The same report indicated that The macroeconomic panorama seems incrementally more favorable for the second semester. “The monetary policy configuration for the second semester of 2025 [es] Less threatening, “Hartnett wrote, citing possible fed cuts and fiscal stimuli in Europe and China.
The strategists also pointed out The risk of more American tariffs, but stressed that the market is currently not waiting for a escalation. Meanwhile, “2025 [está] Way of being [el] Year with more global rate cuts since 2009 “, with 64 cuts already implemented.
Flows: where they were during the last weeks
The flows towards risk assets They remained solid in the last week, with US $ 26,100 million in cashUS $ 12,100 million in BondsUS $ 3,500 million in shares, US $ 2,800 million in gold YU $ 2,100 million in cryptocurrenciesas reported Bank of America In a weekly report.
The debt of emerging markets registered a record ticket of US $ 500 million, while The US small capitalization funds registered their largest weekly output of 2025with US $ 4,400 million.
“Despite the entire Sturm und Drang, each active class [fue] blessed with tickets “, Bofa strategists led by Michael Hartnett said.
The flows of Fixed income They were strong in the last week, with high performance by adding US $ 3,000 million, debt of emerging markets US $ 8 billion and investment grade bonds US $ 1,300 million.
By regions, Japan registered a third week of departures, and Europe It remained practically flat.
By sectors, technology led the outputs with US $ 3,000 million, while Materials, Health and Public Services They attracted new money.
Where to invest according to Bofa
Despite The S&P 500 is close to historical maximumsparticipation remains limited. Only 22 actions are currently in historical maximums, compared to 67 in January.
Hartnett said this movement is “On the edge of the seventh great break since 1990, although with the least participation of ‘rupture actions’.” The rebound remains concentrated in technology, while the strength of the market in general remains lagging.
He said that The market is approaching levels that typically trigger a sign of opposite caution. “The tickets of the last 4 weeks to global actions/high performance bonds [son] Precisely 0.99%, “Hartnett said, adding that such” greedy entrances [están] saying that some profits are taken. “
He also emphasized that “The only time to ignore trading rules is in a bubble or a crash.”
Hartnett reiterated his main positioning. “We keep the one raised in ‘Big’ (bonds, international, Gold/Gold)”emphasizing that precious metal “remains [la] Better coverage for the next American dollar bearish market. “
Source: Ambito
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