Global investors turned net buyers of equity funds in the week to Nov. 16, encouraged by fresh economic data that revealed price pressures are cooling in the United States.

That optimism lifted hopes that U.S Federal Reserve would slow the pace of its interest rate hikes, and prompted investors to regain some taste for riskier assets during the week.

The MSCI’s World index soared to a two month high earlier this week as the economic data released showed both U.S. consumer and producer prices, recorded lower-than-expected rises in October.

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Investors purchased U.S. equity funds worth $16.65 billion, but disposed of European and Asian funds of $14.26 billion and $1.22 billion, respectively.

Data for sector funds showed healthcare funds received a fifth straight week of inflows, with this week’s amounting to $1.11 billion. The tech, industrial and financial sectors had purchases of $881 million, $657 million and $536 million respectively.

Meanwhile, global bond funds had a second straight week of outflows, with investors withdrawing a net $1.05 billion.

Investors continued to exit short- and mid-term bond funds for a 13th week with disposals worth $3.11 billion, but government bond funds secured $1.95 billion in a second straight week of net buying.

In the commodity space, precious metal funds remained out of favour for the fifth week in a row with outflows worth $220 million, but energy funds had a fourth weekly inflow, amounting $102 million.

According to the data available for 24,784 emerging market (EM) funds, investors sold equity funds of $854 million after two weeks of purchases, but turned net buyers in bond funds for the first time in 13 weeks, with purchases worth a net $249 million.