Economy March 6, 2026

Global equity funds record first weekly outflow in eight weeks as Middle East tensions mount

U.S. equity funds see largest withdrawals since Jan. 7 as fears of oil shock, higher inflation and delayed rate cuts weigh on risk appetite

By Jordan Park
Global equity funds record first weekly outflow in eight weeks as Middle East tensions mount

Global investors reduced equity allocations in the week to March 4, snapping an eight-week inflow streak as an intensifying U.S.-Israeli conflict with Iran amplified inflation concerns and curtailed risk-taking. U.S. equity funds experienced the heaviest net sales, while money market and bond funds attracted fresh capital amid safe-haven demand.

Key Points

  • Global equity funds posted net outflows of roughly $1.44 billion in the week to March 4, marking the first weekly withdrawal in eight weeks.
  • U.S. equity funds led withdrawals with $21.92 billion in net sales - the largest outflow since January 7 - while European and Asian equity funds continued to receive inflows, though European flows moderated.
  • Safe-haven and fixed income demand rose: money market funds took in $20.22 billion and global bond funds saw $16.12 billion in inflows, with short-term bond funds' inflows increasing to $3.62 billion.

March 6 - Global investors cut holdings in equity funds for the first time in eight weeks during the seven-day period ending March 4, with escalating tensions in the U.S.-Israeli conflict involving Iran prompting renewed inflation fears and dampening appetite for risk.

U.S. equity funds were hit hardest, posting net sales of $21.92 billion - the largest outflow since January 7 - and driving overall global equity funds to record net outflows of roughly $1.44 billion, according to LSEG Lipper data.

Market participants cited the widening conflict in the Middle East as a catalyst for concerns over a potential global oil price shock. Those concerns dampened equities and raised the prospect that inflation could remain elevated, which in turn may delay expectations for interest-rate cuts.

The MSCI World Index was on track for its worst week since early April 2025, recording declines of more than 2.5% during the week.

Regional flows showed variation. Inflows into European equity funds moderated to $8.8 billion from about $11.88 billion the week before, while Asian equity funds drew $7.43 billion in net new money.

Sector-level flows were mixed. Industrial funds and energy funds attracted net inflows of $2.53 billion and $1.21 billion respectively, while financial sector funds experienced roughly $1.9 billion in net outflows.

Safe-haven demand supported a substantial shift into short-term cash instruments, with money market funds taking in net inflows of $20.22 billion, broadly matching the previous week's inflows. Fixed income also saw continued interest: investors put $16.12 billion into global bond funds, marking the ninth consecutive week of net purchases.

Within bond categories, inflows into short-term bond funds jumped to $3.62 billion from about $1.23 billion a week earlier. Euro-denominated bond funds and corporate bond funds also recorded notable net inflows of $2.31 billion and $2.09 billion respectively.

Commodity fund flows moved in the opposite direction for gold and precious metals, with investors withdrawing roughly $2.62 billion - the second weekly net sale in eight weeks. Emerging market funds showed cooler demand: equity fund inflows slowed to an eight-week low of $5.3 billion, and net purchases in emerging market bond funds eased to $2.5 billion from roughly $3.04 billion the prior week.

The data summarized flows across a combined 28,803 funds.


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Risks

  • Widening conflict in the Middle East could trigger a global oil price shock, negatively affecting energy-dependent sectors and overall equity markets.
  • Elevated inflation concerns may increase the likelihood of delays to interest-rate cuts, which could pressure rate-sensitive sectors such as financials and certain parts of fixed income markets.
  • Reduced demand for gold and precious metals - with roughly $2.62 billion in net sales - highlights shifts in commodity hedging behavior, potentially increasing volatility for commodity-linked sectors.

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