BOA: $63 bln came out of stock markets turning into cash in a week

Nearly $63 billion flowed into cash in the week through July 6, while global equity funds had redemptions of $4.6 billion, according to Bank of America Corp.

US stock funds still saw their second week of additions, while global bonds had their biggest inflows in 14 weeks at $2.4 billion thanks to the buying of Treasuries and government debt, Bloomberg reported.

US stocks are attempting a recovery after their worst first-half since 1970 on optimism that inflation could be peaking.

It is noteworthy that the Federal Reserve increased the interest rates by 75 bps in June meeting, the biggest increase since 1994.