US equities responded to a three-week pullback with a three-week rally, pushing the US benchmark near record highs ahead of a pivotal CPI release due May 15.

Over three weeks of gains for US shares, equity-focused ETFs and mutual funds saw $13.5 billion of inflows.

That negated more than half of a $21 billion outflow from mid-April.

This week’s $9.1 billion haul pushed the 2024 net inflow for US equity funds to $74.5 billion. That’s around half of global equity inflows YTD.

All told, global equity funds took in nearly $15 billion over the latest weekly reporting period, bringing 2024 net inflows to $155.61 billion, split between $317.11 billion to ETFs and $161.51 billion from mutual funds.

The updated figure below shows you where the inflows and outflows are, by region, by week. Note that inflows have accelerated into the three-week rally.

EU stock funds saw a second week of inflows in the week to May 8. That’s notable. Prior to last week, EU-focused equity products hadn’t seen a net inflow since December.

Japanese shares have only seen three weekly outflows in 2024. The total, net inflow to Japan-dedicated equity funds stands at nearly $23 billion so far this year. Suffice to say investors are buying into the notion that the country’s finally banished the deflation demon.

Anyway, equities remain something of a side show on the flows front. IG credit funds are on track for a record $450 billion annual influx.

Money funds, meanwhile, are very likely to have another banner year by the time it’s all said and done. MMFs took in $68 billion globally last week, $31 billion of which was in US money funds, ICI’s data suggests.