Well, well, well. This is a turn-up for the book, ain't it?
The promoters of mutual funds in Europe faced outflows for October (-€19.0 bn) while the promoters of ETFs enjoyed estimated net inflows (+€15.2 bn).
Long-term products (-€45.0 bn) faced outflows for the month as well as over the course of 2023 year to date (-€27.6 bn). Conversely, money market products enjoyed inflows for October (+€41.3 bn) and for the first 10 months of 2023 (+€85.8 bn).
Money market products (+€41.3 bn) enjoyed the highest estimated net inflows for the month, while bond products (+€110.5 bn) were the best-selling asset type for 2023 so far.
In My Life.
The best-selling Lipper global classification for October was Money Market EUR (+€30.1 bn), followed by Money Market USD (+€6.7 bn) and Target Maturity Bond EUR (+€5.8 bn).
JPMorgan was the best-selling fund promoter in Europe for October (+€7.1 bn), while BlackRock (+€64.4 bn) was the best-selling fund promoter for the year 2023 so far.
Okay. Okay.
Detlef Glow, Head of EMEA Research at LSEG Lipper, comments: "The European fund industry witnessed overall outflows over the course of October 2023. These outflows occurred in a further unstable market environment in which some asset classes nevertheless showed positive results while others performed negatively. That said, especially equity indices faced a drawback over the course of the month, which contributed to the overall cautious sentiment of European investors. More generally, the market sentiment in October was also driven by hopes that central banks - especially the U.S. Federal Reserve - may have reached the last phase of its fight against high and further increasing inflation rates and may, therefore, start to keep interest rates at least stable quite soon. Some investors already think there might be room for decreasing interest rates later this year, which might be reflected by the estimated inflows in bond ETFs.
"Nevertheless, these estimates are under scrutiny since the Fed seems to be further in a hawkish mode, as the rate outlook still includes potentially an additional rate hike this year and fewer rate cuts in 2024. Also, there are still some concerns about geopolitical tensions and the continuing normalization of disrupted delivery chains, as well as the continued possibility of recession in the U.S. and other major economies around the globe. These fears are raised by inverted yield curves, which are seen as an early indicator for a possible recession."
Detlef ... don't be a stranger, eh?
ENDS
...
Anything else? Poetry?
I've got a plan. Let's hope I can stick to it.
'What's the plan, boss?'
Uh. If you hang on a moment, Voice, I'll tell you. I'll tell everyone.
'All right, don't get upset.'
I'm not upset!
Anyway. Yeah. Here's the plan to get twenty poems before Christmas, meaning I've got to write eleven.
I'll work 24/7 - when I'm not blogging, like, or doing other shit that needs to be done. I'll finish my blank verse poem. That one has got to be a masterpiece. And then I'll write ten short free verse poems, up to roughly forty lines in length, maybe 150 to 220 words, or something like that. You dig? I have two poems like that. I put one of them in the competition. It's pretty intense. The other one is cool as well.
Anyway ...
Yeah, that's my plan.
I just need the world to leave me alone for a few weeks.
'Ha!'
Laters.
