As I mentioned yesterday, there is something new happening in the Eurozone, and assets there are now leading on many metrics
Eurostoxx are now showing accelerating outperformance vs the SPX (it was not a mirage...)
Eurostoxx are now showing accelerating outperformance vs the SPX (it was not a mirage...)
After an incredibly weak flow picture for a long time, there is now some infant evidence via @ExanteData that US investors are starting to buy international stocks, including European stocks.
(the last bar is just Monday's data so far, so that should grow during the week)
(the last bar is just Monday's data so far, so that should grow during the week)
The equity performance chart was in local currency terms, hence the currency effect should be added on top, and it is significant in many crosses (with the Euro certainly not the leading one)
Here shown in 1month terms (for G10 currencies)
Here shown in 1month terms (for G10 currencies)
There are many things going on: 1) #EU Recovery Fund hopes, 2) Successful #Reopening in Europe and various parts of AsiaPac, 3) Cheaper valuation (than the US), 4) Questions about US preemptive reopening + #riots. 5) End of USD hoarding (from Mar-Apr). I will leave it at that
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