Cumulative research on cross-border capital flows, Treasury International Capital (TIC), sovereign wealth, reserves, gold, foreign investment and institutional allocation.
BIS reports US$877bn of adjusted Q2 cross-border credit growth, led by euros; ICI combined flows returned to +US$12.324bn after an extraordinary institutional week, while real investment conversion remains uneven.
Read research →ICI estimates US$471.677bn of net long-term fund and ETF outflows with a major collective-investment-trust effect; ETF issuance, money-market assets and earlier TIC inflows require separate accounting.
Read research →August TIC long-term inflows reversed July's weakness while short-term Treasury and bank liabilities fell; newer fund data reveal selective bond and international-equity demand.
Read research →US domestic equity outflows contrasted with world-equity inflows, money-market funds rebuilt liquidity, and gold ETF purchases diverged from Treasury yields and futures positioning.
Read research →ETF issuance more than offset mutual-fund redemptions, cash-like assets remained near $7.9 trillion, and new IMF reserve data showed incremental active diversification toward the euro without a wholesale move away from the dollar.
Read research →Capital is rotating across investment vehicles rather than following a single risk regime: mutual-fund redemptions coexisted with ETF issuance, money-market assets stayed near $8 trillion, and foreign demand for euro-area securities remained strong.
Read research →Dollar liquidity remained central while long-term U.S. securities flows weakened, money-market assets stayed near $8 trillion, gold ETF holdings reached a record and higher policy rates raised the financing hurdle for long-duration investment.
Read research →Foreign demand for U.S. liquidity persisted as long-term flows weakened, gold fund holdings reached a record, and higher policy rates raised the financing hurdle for the capital-intensive AI and infrastructure cycle.
Read research →Capital remains concentrated in U.S. financial markets while incremental productive investment shifts toward energy security, AI infrastructure and mineral processing.
Read research →Global capital remains strongly allocated to U.S. assets, while governments diversify reserves and new investment increasingly targets energy, mineral processing and AI infrastructure.
Read research →Global financial wealth remains concentrated in U.S. markets, while sovereign investment and spending on mineral processing, chips, data centers and power systems reshape who receives future profits and financial income.
Read research →Where global wealth is concentrated, who controls the resources, infrastructure and critical capabilities that shape future production, and how capital, technology and economic power are shifting.
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