Panic spreads in the technology sector, global equity fund inflows plunge by 86%
- As of the week ended June 24, global equity funds saw net inflows of only $7.51 billion—a sharp drop of about 86% from $55.53 billion the previous week. Risk appetite cooled dramatically, mainly due to market concerns over debt-driven expansion of technology spending, while the Federal Reserve's hawkish stance continued to weigh on sentiment.
- Technology sector funds experienced a single-week net outflow of $17.83 billion, almost completely reversing the $21.5 billion net inflow from the prior week. Large tech companies such as SpaceX continuously entered the bond market for financing, raising investor caution towards the industry's increasing reliance on borrowing amid the investment boom.
- The May PCE year-on-year rose to 4.1%, marking the highest since April 2023 and strengthening market expectations that the Federal Reserve could raise rates by 25 basis points within the year. U.S. equity funds registered a net outflow of $3.53 billion for the week, while inflows into European and Asian equity funds fell notably from $11.71 billion and $3.82 billion in the previous week.
- Bond funds saw net inflows for the twelfth consecutive week, increasing by $10.85 billion during the week. Hard currency bond funds, short-term bond funds, and U.S. dollar-denominated medium-term bond funds attracted $3.1 billion, $2.42 billion, and $1.87 billion respectively, indicating continued pursuit of a balance between yield and safety.
- Money market funds suffered net outflows of $42.8 billion, the largest single-week redemption since April 15. Gold and other precious metal funds recorded net outflows for the sixth consecutive week, with $545 million net sold during the week, and energy funds ended their previous two-week inflow streak.
- Emerging market equity funds experienced net selling for the ninth consecutive week, with net outflows of $3.39 billion, but bond funds managed a net inflow of $13.2 million—the first in three weeks. The differentiated allocation patterns of capital across asset classes became increasingly apparent.
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Updated Version 3 - According to the Financial Times, McKesson and CD&R are close to reaching a deal worth more than $5 billion to acquire Option Care.
In the fifth paragraph, a quote from analyst Sahil Pandey was added. Reuters, October 5 - According to the Financial Times, citing informed sources, pharmaceutical distributor McKesson (MCK.N) and private equity firm Clayton Dubilier & Rice are about to reach an acquisition agreement to purchase infusion service provider Option Care Health, with the deal valued (including debt) at over 5 billions USD. After the report was published, Option Care's share price rose by 21% in after-hours trading. The report stated that the deal could be announced as early as Tuesday, but negotiations could still fall through. This potential acquisition would be McKesson’s latest move in expanding its healthcare services portfolio. In August this year, the company agreed to acquire Precision Medicine Group for about 2.25 billions USD (link), as part of its effort over the years to strengthen high-growth business sectors. Leerink Partners analyst Michael Cherny said the “strategic logic” of the deal makes sense, as it would expand McKesson’s business from physician offices to care settings in the home and alternative sites. Option Care provides infusion services that allow patients to receive intravenous treatments at home or other outpatient settings, eliminating the need to go to the hospital. McKesson has previously been restructuring its business portfolio by divesting non-core assets and investing in fields such as oncology and specialty care (link). Driven by the growth of its specialty distribution business and contributions from acquisitions, revenue for its oncology and multi-specialty business segment grew by 33% in the latest fiscal quarter. McKesson declined to comment, while CD&R and Option Care did not immediately respond to Reuters’ requests for comment regarding the report. (For non-English speakers' convenience, Reuters offers automated machine translations of its reports in several languages. As there may be mistakes in the automated translations or some context may not be included, Reuters does not guarantee the accuracy of the automated translation text, which is provided solely for readers’ convenience. Reuters bears no responsibility for any damages or losses caused by the use of automated translation functions.)
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