LONDON (Reuters) - Interventions in the last week have helped calm panicking markets but the actions taken by the Bank of Japan and Bank of England are "not yet credible nor coordinated", Bank of America (NYSE:BAC) said in a note on Friday.
BofA analysts also said their 'Bull & Bear' indicator, which seeks to track market trends, remains unchanged at "extreme bearish" level.
With government borrowing costs soaring despite aggressive central bank rate hikes, and inflation rampaging, investors have fled risk assets in the past couple of weeks, given the mounting chances of global recession.
Yet equity funds recorded $7.6 billion of inflows in the week to Wednesday, while weekly outflows from bonds totalled $13.7 billion, BofA said, citing EPFR data.
Gold saw outflows totalling $1.4 billion, the 14th straight week of declines and the longest consecutive streak since January 2014.
Selling of UK equities is on track for its worst-ever year, BofA said.
Outflows from investment grade, high yield and emerging market debt stood at $13.7 billion, the highest in 13 weeks.