Investors withdrew a net $7.1 billion from equity funds tracked worldwide in the week to 25 August and put some $5.2 billion into bonds as worries grew about a slowdown to the US and European economies, according to EPFR Global.

A net sum of  $5.4 billion was liquidated from US equity funds, while inflows into emerging markets were the lowest in 13 weeks, EPFR said.

Wealth management strategists have continued to comment about the risks of there being a “double-dip” recession in the US and further afield in recent months, although most firms appear not to regard this as a base case scenario.