全球资金大迁徙！非美股市7月吸金136亿美元创纪录 美股连续三月被抛售

Group 1 - In July, global non-U.S. equity funds experienced the largest net inflow in four and a half years, driven by investor concerns over the U.S. economic outlook, high stock market valuations, and a weakening dollar [1] - The net inflow for global non-U.S. equity funds in July reached $13.6 billion, the highest since December 2021, while U.S.-focused equity funds faced $6.3 billion in redemptions, marking three consecutive months of outflows [1] - The trend of diversification in asset allocation is strengthening, particularly towards Europe and emerging markets, which are benefiting from a loose monetary environment and improved growth prospects [1] Group 2 - Regional market performance has diverged, contributing to the outflow from U.S. equities, with the MSCI Asia-Pacific (excluding Japan) index up approximately 14% and the MSCI Europe index up over 19%, significantly outperforming the S&P 500 index's 7.2% increase [3] - The valuation disparity is notable, with the MSCI U.S. index having a forward P/E ratio of 22.6, compared to 14.4 for Asia, 14.2 for Europe, and 19.7 for the global index [3]