LONDON (Reuters) – Traders pulled $16.2 billion from shares previously week within the largest weekly redemption for the reason that March inventory market hunch, based on the Financial institution of America’s weekly flows knowledge.

Inventory markets have staged a outstanding restoration previously month after the coronavirus disaster trigger an enormous tumble in March. The rebound has been powered by know-how shares however BofA stated there have been indicators of “tech fatigue”.

Tchnology shares noticed the primary week of outflows up to now this yr, with traders redeeming $43 million price, BofA stated its weekly analysis observe.

Gold and high-yield bond funds each noticed their greatest six-week inflows on file, with $32 billion flowing into high-yielding bonds in what analysts referred to as a “high-yield comeback”.

Traders added $11.three billion into bonds and $53.5 billion into money previously week, BofA stated, with an inner indicator of sentiment at “excessive bearish”.

As lockdown measures aiming to restrict the unfold of the brand new coronavirus have introduced the worldwide financial system to a halt, BofA analysts stated that they’d seen an enormous influx to money from BofA personal purchasers previously 4 to eight weeks.

The U.S. financial institution additionally stated that 9 of ten purchasers believed the present market recuperate was a “bear market rally” and 7 out of ten stated they’d solely purchase the belongings that the U.S. Federal Reserve purchases by it numerous stimulus schemes.