European funds suffered a 16th straight week of outflows, bringing total withdrawals to $27 billion since the start of the year, strategists at Bank of America said, citing data from EPFR Global, Bloomberg writes.

During last week alone, Europe experienced the largest capital outflow among any major region, at $4.6 billion.
The strength of the US economy likely played a role as well, given concerns about slowing global economic growth, Bloomberg says.

“Tech exposure is driving regional equity flows again, benefiting US equities and the dollar,” an expert at Barclays universal bank said, adding, “In contrast, US investors have started selling European equities for the first time this year, with the weakening in activity data prompting broader outflows from the region.”