Investors in U.S.-based mutual funds committed $1.2 billion to stock funds in the week ended Sept. 10 amid new stimulus measures from the European Central Bank, data from the Investment Company Institute showed on Wednesday.

The net inflows were the first in three weeks and came after outflows of $4 billion the prior week, which were the biggest in nine weeks, according to data from ICI, a U.S. mutual fund trade organization. Bond funds attracted $1.5 billion in new cash.

The inflows into stock funds came entirely into funds that specialize in international stocks, which attracted $2.6 billion in new cash. That marked their biggest inflows in five weeks. Funds that mainly hold U.S. stocks posted $1.3 billion in outflows, marking their third straight week of withdrawals.

The preference for international stocks came as the ECB announced new stimulus measures on Sept. 4, fueling a rally in European shares, while a San Francisco Fed study released Sept. 8 showed investors underestimated the speed at which the Federal Reserve might raise rates.

The Fed study weighed on U.S. shares. The S&P 500 stock index fell 0.3 percent over the period.

The divergence between the easier monetary policy in Europe and the potential lean toward tightening in the United States helped drive flows into international-focused funds.

"Everybody is waiting to hear the Fed say we might get a little less in the way of stimulus, and it might happen sooner," said Richard Sichel, who oversees $2 billion as chief investment officer of The Philadelphia Trust Co.

"Put that together with U.S. markets near all-time highs, that gets the thought process going to try to get a little more value overseas."

The inflows into bond funds were the lowest in four weeks. The concerns over an early Fed rate hike likely limited demand for the funds, Sichel said.

Hybrid funds, which can invest in stocks and fixed income securities, attracted $1 billion in new cash, marking their biggest inflows in six weeks.

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