(Reuters) - Demand for global equity funds rose sharply in the seven days to May 8, driven by renewed bets on Federal Reserve interest rate cuts after a softer than anticipated U.S. employment report.

Investors bought a net $12.72 billion worth of global equity funds during the week, the largest weekly net purchase since March 20, data from LSEG showed.

Last week, Labor Department data showed U.S. job growth slowed more than expected in April, easing worries that the persistent inflation in the first quarter would push the Federal Reserve to hold interest rates for longer.

European equity funds led the way, attracting about $6.21 billion in a second successive week of net buying. Asian and U.S. equity funds recorded net purchases of $4.71 billion and $1.14 billion, respectively.

However, sectoral equity funds recorded net outflows for a sixth successive week, worth about $519 million. Investors sold healthcare, tech, and gold & precious metals funds for a net $390 million, $340 million and $308 million, respectively.

Consumer staples bucked the trend with about $507 million worth of net purchases.

Debt funds were also in demand with investors pumping a net $12.6 billion into global bond funds, the most in a week since April 10.

Global high yield bond funds attracted a net $3.41 billion, the largest amount since Jan. 31. Loan participation and government bond funds saw net purchases of about $2 billion and $1.46 billion, respectively.

Money market funds secured about $54.96 billion worth of net inflows, the most for a week since March 6.

Among commodities, investors ditched $493 million worth of precious metal funds, the largest net weekly withdrawal since April 17. Energy funds lost a net $93 million.

Data covering 29,503 emerging market funds showed investors remained net sellers for a fourth straight week, with a net $1.51 billion flowing out.

Emerging equity funds attracted $1.17 billion, however, the first weekly net purchase since March 27.