May 24 (Reuters) - Global equity funds secured robust inflows in the week ended May 22, driven by optimism over slowing inflation and expectations of U.S. Federal Reserve rate cuts in the latter half of the year.

According to Lipper data, global equity funds attracted $11.1 billion in inflows, a 22% increase from the previous week.

U.S. equity funds received most of those inflows, in total $9.9 billion. European equity funds garnered $4.6 billion, while Asian equity funds had outflows of $4.3 billion.

Investor optimism prevailed throughout the week, buoyed by April's U.S. inflation data, which suggested the resumption of a downward trend. However, sentiment waned on Friday as global stocks declined, with strong U.S. economic data reinforcing expectations that interest rates might remain elevated for an extended period.

Sector-specific funds saw varied movements; mining and technology sectors received $449 million and $290 million in inflows, respectively. In contrast, industrial and consumer discretionary sectors each faced outflows of around $200 million.

Global bond funds also benefited, drawing $12 billion, a substantial increase from the previous week, with ongoing robust demand as investors anticipate rate cuts.

Global high-yield bond funds saw inflows surge to $3.2 billion, while government bond funds attracted $1.2 billion.

"Fixed income remains our preferred asset class, within which we favour quality bonds. We expect quality bond yields to fall in the months ahead as markets start to price a more convincing central bank rate-cutting cycle," Mark Haefele, chief investment officer at UBS Global Wealth Management, said.

At the same time, money market funds also received an inflow of $17.2 billion, after witnessing outflows in the previous month.

In the commodities sector, precious metals funds recorded a second consecutive week of inflows, adding $407.4 million, while energy funds faced net sales of approximately $150 million.

Emerging market funds showed robust activity with net equity purchases of $1.7 billion, the highest weekly total for this year. Bond funds in these markets also continued to attract capital, with inflows of $338 million marking their second consecutive week of gains.

(Reporting By Patturaja Murugaboopathy in Bengaluru; Editing by Andrew Heavens)