摩根大通：新兴市场资金流向-“被动涌入，主动清理” 仍在继续

Global Markets Strategy 20 June 2025 J P M O R G A N EM Money Trail 'Passive Surge, Active Purge' goes on EM equity inflows accelerated substantially to +$4.1bn from +$1.2bn last week. However, flows continue to be driven by large ETF subscriptions (+$5.0bn, +$2.0bn last week) while non-ETFs are still in the red (-$904mn, -$749mn last week). All regional funds were positive this week: GEM funds saw the highest inflows at +$2.4bn; Asia ex-Japan funds attracted +$1.4bn, up from +$843mn last week; LatAm inflow ...