Global equity funds suffered outflows for a fifth straight week in the week to May 17, undermined by uncertainties over U.S. debt ceiling and concerns about global economy, with soft economic data coming out of the U.S. and China.

According to Refinitiv Lipper data, global equity funds faced $8.72 billion worth of outflows in the week to May 17, compared with about $4.77 billion worth of net selling in the previous week.

The U.S. and European equity funds recorded withdrawals of $7.64 billion and $1.81 billion respectively during the week, but Asian funds received $180 million worth of inflows.