Global money market funds drew inflows for a fifth straight week in the seven days to May 24 as investors resorted to buying safer assets on caution with time running out for talks over raising the U.S. debt ceiling.

According to Refinitiv Lipper data, global money market funds received about $17.67 billion worth of inflows, the biggest amount in three weeks.

U.S. money market funds received $39.89 billion worth of inflows but investors sold European and Asian funds of $15.76 billion and about $30 million, respectively.

U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal to raise the government's $31.4 trillion debt ceiling for two years, a U.S. official told Reuters, but time is running short.

The U.S. Treasury estimates it will run out of funds within a week, and legislating any deal will take that down to the wire.

Meanwhile, global equity funds faced $4.14 billion worth of net selling, the sixth weekly outflow in a row.

Investors sold healthcare, industrial and energy sector funds of $414 million, $183 million and $174 million, respectively, but consumer discretionary drew $286 million worth of inflows.

Meanwhile, global bond funds saw $6.97 billion in net purchases during the week, the biggest weekly inflow since April 5.

Global government bond funds drew a fifth weekly inflow, worth $3.85 billion, while high-yield bond funds received $649 million worth of inflows, marking their first weekly net buying in four weeks.

Among commodity funds, investors purchased precious metal funds for a fifth straight week, worth $388 million, but exited $219 million worth of energy funds.

Data for 23,986 emerging market funds showed equity funds lost $831 billion in their first weekly net selling in four weeks, while bond funds had a fifth weekly outflow in a row, worth $472 million.