Europe and EM stocks shine, while US markets lose appeal - Reuters Lipper

Lipper data released during the overnight trade showed US funds continued to move out of domestic markets and into the European and emerging markets during the week ended May 3.

Reuters report says, “Investors pulled $6.6 billion from US-based stock funds that invest at home during the week ended May 3, marking their fourth week of outflows in the last five. By contrast, US-based stock funds primarily invested abroad attracted $3 billion in their seventh straight week drawing in new money.”

The increased funds flow into the European markets explains the strength in the EUR seen over the past two weeks. 

It also shows that markets are dangerously unprepared for Le Pen victory, while a Macron win has been priced-in already.