Risk-off.

Investors withdrew $6.4bn from US based-stock funds in the week ended August 24, according to the latest data from Lipper, ahead of Federal Reserve chair Janet Yellen’s speech at Jackson Hole.

US-based stock funds have seen little love this month, attracting $307m in the week to August 17 — the first inflows in a month at the time as US equities touched record highs. Mutual funds in the US buying stocks saw $4.1bn in withdrawals while stock ETFs saw $2.3bn in outflows.

The report also showed that income hungry investors continued to shift into high-yield bond funds, which saw $162m in inflows — their third straight week of gains.

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