Equity exchange-traded funds recorded the first week of net outflows since the end of November, according to Lipper, suggesting that the “great rotation'” from bonds to equities may be more fragile than experts predicted.

Confidence has been growing among investment bankers and investors this year that there will be a revival in equities with leading benchmarks such as the FTSE 100 and S&P 500 hitting recent highs, as reported by Financial News on Monday.