Global equity funds suffered massive outflows in the week to May 3, hit by weak economic data and worries over a recession as investors were fretted about the likelihood of interest rates staying higher for an extended period.
Economists at UBS expect the benchmark interest rate in the eurozone to peak at 3.75%, while Societe Generale sees it at 4% after the European Central Bank (ECB) signalled more tightening ahead.
Global copper smelting activity slid in April to the lowest level in two years as Chinese operations shut for maintenance and plants in North America slowed down, data from satellite surveillance of metal processing plants showed on Friday.