By David Finnerty and Yumi Teso Trump policy speculation spurs higher U.S. Treasury yields Rising U.S. rates drive dollar gains, weigh on risk sentiment Global funds sold about $11 billion of equities and bonds in Asia’s emerging markets after Donald Trump’s victory in the U.S. presidential election as expectations for his economic policies sent Treasury yields higher and sparked the dollar’s strongest rally in eight years. India suffered the biggest outflows between Nov. 9 and Nov. 18, followed by Thailand, according to calculations by Bloomberg using official data. The capital flight trims the year-to-date inflow into India, Indonesia, the Philippines, South Korea, Taiwan and Thailand to around $55 billion. “Fund outflows from emerging markets will probably continue for a while and then investors will see if Trump will carry out some policies he has mentioned before the election, such as fiscal stimulus and protectionist-type trade policies,” Masakatsu Fukaya, an emerging markets trader with Mizuho Bank Ltd. in Tokyo, said in a phone interview. “Many of his policies may lead to a stronger dollar and are negative on the emerging markets.” India: Foreign investors have been net sellers of $1.5 billion in bonds and $1.4 billion in equities from Nov. 9-17 Thailand: Global funds were net sellers of 80.5 billion baht ($2.3 billion) in bonds and $534.3 million in stocks from Nov. 9-18 Indonesia: Overseas investors sold a net total of 13.9 trillion rupiah ($1 billion) in local debt from Nov. 9-16 and $444.2 million in equities from Nov. 9-18 South Korea: Global funds were net sellers of 30 million won ($25,500) in listed bonds in Nov. 9-17, and $949.1 million in Nov. 9-18 Philippines: Investors were net sellers of $170.6 million in stocks in Nov. 9-18. No comparable data is available for bonds Taiwan: Global funds were net sellers of $2.75 billion in stocks in Nov. 9-18. No comparable data is available for bonds The current wave of fund outflows is unlikely to match that of the so-called Taper Tantrum when then Federal Reserve Chairman Ben S. Bernanke’s signal to reduce monetary stimulus sent a shock wave through global markets, according to BlackRock Inc. There are more positive factors now including macro improvements in the region including narrowing of current-account deficit in Indonesia and India, the company said.