International investors at the time lost interest in risky assets. According to the Emerging Portfolio Fund Research (EPFR), last week a net outflow of funds of Russian shares amounted to $160 million Investors reduce investments in other regional funds amid risk of a slowdown in the world economy and the deterioration of relations between the US and China. If this continues to grow at a record pace of investments in gold, in the relevant funds have invested $3.6 billion Data Emerging Portfolio Fund Research (EPFR) show a decrease in demand for Russian shares from international investors. According to “Kommersant”, based on data from reports of Bank of America and BCS Global Markets (consider EPFR), for the week ending may 20, investors have pulled out of the Russian funds of $160 million, a third higher than the preceding week and maximum results in the second half of April. International investors are equally active took my money as country funds ($79 million), so from the global Fund ($81 million).According to EPFR, the greatest amount of funds investors withdrew from the funds of China, who this week lost $560 million Funds India lost a week $162 million, Brazil funds — more than $290 million In the last time investors took profits obtained in the recovery of stock markets. Over the past two months global indices have played a significant part of the collapse that occurred in mid-March. According to the head of Department of trading operations on the Russian stock market “freedom Finance” George Vashchenko, good earning on the rebound, players started to close long positions, even before reversal. “The big fear among investors causes both the performance of individual enterprises, and the state of the economy in General, with outages in April—may,”— said the asset Manager “Region Esset Management” Alexey Skaballanovich.Nervousness to investors adds not only the prospect of a global recession, but the growth of tension in relations between the US and China. Earlier in the week, the U.S. Senate approved a bill prohibiting the stock exchange listing on the American sites for Chinese companies that are not audited in accordance with us law. With criticism of China made and the head of the White house, once again accusing Beijing in the spread COVID-19 worldwide, and a massive disinformation campaign in support of the former Vice-President of the USA Joe Biden. “The impact of trade wars on the global economy estimated to be low, which, however, does not prevent her to have a negative impact on market sentiment,” notes the analyst of “Alfa Capital” Daria Zhelannova.The priority of the investors remain defensive assets, in particular gold. The previous record was set in late March when the week net inflow was $32 billion “the Whole class of investors, which puts on the continuation of the crisis, buying gold as a protective tool, which in the case of falling stock markets always shows good dynamics”,— says Alexey Skaballanovich.About the Outlook for demand of international investors for risky and defensive assets, market participants expressed caution. According to the head of the stock and derivatives of UK “Opening” Vitaly Isakov, the behavior of investors from week to week is “noise,” largely following the short-term market fluctuations. “If you try to evaluate a long trend, it can be assumed that in the beginning of recovery as the lifting of quarantine measures, numerous stimulus measures around the world and near-zero returns on bonds, risk assets will find a buyer”,— said Vitaly Isakov.Vitaly Gaydayev