...whopping $119 billion of foreign funds have made their way into euro-area stocks, compared with the $141 billion net inflow for the whole of 2016, according to European Central Bank data. This year's surge constitutes more than 3 percent of the region's total market value. That money can quickly turn cold, and when it flows elsewhere, the hit to the region's stocks will be substantial.
Asia, meanwhile, is seeing healthy but not exuberant offshore interest. These investors bought a net $31 billion of the region's stocks this year, or just 0.3 percent of the total market value. So the current hand-wringing looks set to be neither as damaging nor as lasting as in Europe.
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