(Reuters) – U.S. money market funds saw robust demand in the seven days to Aug. 2 as investors favoured safer assets on concerns over a U.S. credit rating downgrade and economic reports signalling a still-tight labour market.
Investors secured U.S. money market funds worth about $58.56 billion in their biggest weekly net buying since March 29, data from Refinitiv Lipper showed.
U.S. equity funds drew $133 million worth of inflows, compared with about $2.57 billion worth of net purchases a week ago.
U.S. equity growth funds saw net outflows worth $3.48 billion, the biggest since June 7, but value funds had $891 million worth of net buying.
Among sector funds, baring industrials and communication services, all other sectors saw outflows. Utilities and real estate recorded a net $471 million and $435 million worth of outflows, respectively.
U.S. bond funds witnessed about $1 billion worth of outflows, the first weekly net selling since June 28.
Investors withdrew a net $1.45 billion and $838 million out of U.S. general domestic taxable fixed income, and government bond funds, respectively, but poured about $2 billion into short/intermediate investment-grade funds.
(Reporting by Gaurav Dogra and Patturaja Murugaboopathyin Bengaluru; Editing by Shilpi Majumdar)
