Jan. 4 (Bloomberg) -- Equity funds lured twice the money that went into bonds in the week ended Jan. 2, according to a Citigroup Inc. report that cited EPFR Global data.
Stock funds drew $5.1 billion, exceeding the $2.3 billion that went into bonds, Markus Rosgen and Yue Hin Pong wrote in a report today. Developed-market stock funds attracted $1.7 billion compared with $3.4 billion for emerging-market funds, according to the report.
The flows occurred in the days leading up to the passage of a U.S. bill that averted automatic spending cuts and tax gains that some analysts and economists had said would drag the world’s largest economy into a recession. The House of Representatives voted on Jan. 1 in favor of budget legislation as Republican lawmakers abandoned efforts to add spending cuts to the bill.
Asia funds lured $1.2 billion, the 17th straight week of inflows into the region, according to Citigroup’s report.
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