LONDON (Reuters] – Investors kept pulling money out of European equity funds and adding exposure to U.S. shares as global markets rebounded from the bottoms at the end May. The BofA reported Friday that investors continued to take out money from U.S. securities while also increasing their exposure, citing data from EPFR for the week up to Wednesday.

The total inflows to the asset class were $12 billion. It was however the 17th consecutive week of European outflows with $2.1 Billion leaving Europe. This space has been hard hit by the Russia-Ukraine conflict.

However, U.S. equity mutual funds experienced an additional $13.2 billion inflows for their fifth week.

BofA analysts also said their ‘Bull & Bear’ indicator, which seeks to track market trends, had moved deeply into “extreme bearish” territory.