PRESS DIGEST- British Business - March 28
March 28 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
By Trevor Hunnicutt NEW YORK, Dec 7 Investors put more money into U.S.-based stock mutual funds than they withdrew for the first time since March, Investment Company Institute data showed on Wednesday, signs of a thaw for the out-of-favor investments since the U.S. presidential election. The funds took in $32 million during the eight days through Nov. 30, according to the data, which included the U.S. Thanksgiving holiday. "After a long drought, investors have come back to mutual funds," said Todd Rosenbluth, director of ETF and mutual fund research at CFRA. "While the inflows are still less than for ETFs, this is a sign of broader participation in the equity markets as the stock market continues to reach high levels." Stock mutual funds are closing out their worst year of sales since the financial crisis in 2008, bleeding $196 billion this year through October, earlier ICI data showed. Investors pulled $216 billion from the funds in 2008. Funds whose managers actively choose the companies they invest in have notched lackluster performance against relatively low-cost index funds that merely track the market. But U.S. stock market indexes have scaled new peaks since the Nov. 8 U.S. election on hopes that fiscal stimulus and fewer regulations under the incoming Donald Trump administration could boost growth. New sectors have come into favor, including banks, giving portfolio managers new opportunities to improve performance. Meanwhile, bonds, which had been popular this year, have been hurt on inflation fears. Including ETFs, many of which track an index, stock funds attracted $2.7 billion during the week. Bond funds posted $4.1 billion in their third straight weekly period of withdrawals. The following table shows estimated ICI flows, including ETFs (all figures in millions of dollars): 11/30 11/22 11/16 11/9 11/2/2016 Equity 2,710 9,178 21,468 -7,551 -8,297 -Domestic 2,776 6,931 23,161 -6,321 -6,824 -World -66 2,246 -1,693 -1,230 -1,473 Hybrid -986 -792 -1,757 -3,301 -1,874 Bond -4,120 -1,723 -9,715 2,757 -4,597 -Taxable -657 792 -5,031 2,867 -4,591 -Municipal -3,463 -2,515 -4,684 -110 -6 Commodity -854 -1,647 -1,860 637 313 Total -3,251 5,016 8,136 -7,458 -14,455 (Reporting by Trevor Hunnicutt; Editing by James Dalgleish)
TOKYO, March 28 Japanese Finance Minister Taro Aso said on Tuesday he did not want to comment on media reports that Toshiba Corp's U.S nuclear unit, Westinghouse, will file for Chapter 11 bankruptcy protection.