Global equity funds witnessed a surge in outflows in the week ended May 11, as fears of an economic slowdown and further tightening by major central banks to tame stubborn inflation spooked investors.

In a fifth straight week of net selling, investors liquidated global equity funds worth $10.53 billion, compared with just $1.65 billion worth of net selling in the previous week, according to Refinitiv Lipper.

MSCI’s index of world shares plunged to a 1-1/2-year low of 607.4 this week as inflationary pressures raised fears of an economic hard landing.

U.S. equity funds witnessed net selling worth $8.46 billion, European funds saw disposal of $4.33 billion, but investors were net buyers in Asian funds worth $2.23 billion.

Among sector funds, financials record a sixth subsequent week of outflows, amounting $1.71 billion. Investors also drew about $0.7 billion each out of mining and industrials.

Meanwhile, global bond funds posted outflows of $13.23 billion in a sixth straight week of net selling.

Global short- and medium-term bond funds saw outflows of $8.14 billion in the biggest weekly outflow since at least June 2020, but government bond funds lured a third weekly inflow, worth a net $3.38 billion.

Investors also withdrew $1.73 billion out of money market funds in their second weekly net selling in a row.

Data for commodities’ funds showed that weekly net selling in gold and precious metal funds jumped to a two-month’s peak of $1.54 billion, as gold prices broke below their 200-day moving averages.

An analysis of 24,155 emerging market funds showed that investors sold equity funds of $2.49 billion and bond funds of $2.65 billion, marking a fifth consecutive week of outflow in both segments.