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A sudden jump in coronavirus cases outside China this week raised pandemic fears that led to panic-selling across global stock markets.
Global equities, which have lost nearly $6 trillion in value this week alone, were on track for their worst weekly loss since 2008.
Investors scrambled into bond funds, mainly investment grade, and they attracted $12.9 billion, BofA’s numbers for the week to Wednesday showed.
Junk bonds meanwhile saw the third biggest outflows ever of $6.9 billion as BofA saw the chances of credit defaults “surging”.
The bank said the risk of a global recession was rising and on Thursday cut its annual global growth forecast to the lowest since the 2008 financial crisis.
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