(Bloomberg) -- Asia’s emerging equities excluding China are poised for their biggest weekly outflows since June 2022, as fading hopes for aggressive rate cuts by the Federal Reserve dented sentiment for risky assets. 

Global investors have sold a net $6.6 billion of stocks so far this week, set for the biggest weekly outflow in nearly 19 months, data compiled by Bloomberg show. The exodus has been led by the tech-heavy market of Taiwan and the region’s fastest-growing major economy India.

Taiwan stocks have seen outflows of $4.5 billion this week as investors assess what the pro-independence party’s third straight term means for its relations with China. India saw a record outflow of $1.26 billion on Wednesday after HDFC Bank Ltd.’s quarterly results soured sentiment. Foreigners pulled another $1.19 billion Thursday, provisional data from the exchanges show 

To be sure, India’s earnings season has just started and some good earning results may change the mood. Chip bellwether Taiwan Semiconductor Manufacturing Co.’s outlook has already changed the mood for Taiwan and global technology stocks, pushing the Nasdaq 100 Index to a record overnight.

Separately, foreigners have also extended their record quarterly selling streak in mainland equities as China’s CSI 300 Index lost more than 4% this year.

(Adds India’s provisional flows data for Thursday in fourth paragraph)

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