Global emerging market equity funds absorbed $3.79 billion

Global emerging market equity funds absorbed $3.79 billion in week to June 3 vs just over $2 billion in previous week, says fund tracker EPFR Global. Notes investors put more cash in emerging markets, commodities, energy, following broad weakness of safe-haven USD, JPY. Adds higher risk appetite eyed in $22.7 billion being pulled out from money market funds to look for higher yields, also $1.1 billion being pumped into global bond funds – largest weekly inflows since 4Q of 2004. Says U.S., Japan, Europe equity funds had outflows on concerns over weak domestic demand. Notes global emerging market equity funds have taken $26.1 billion net inflows year-to-date vs $50 billion net outflows for whole of 2008