野村：美国例外主义主题_全球股票资金流向说明了什么

EQUITY: EQUITY STRATEGY Asia ex-Japan Equity Strategy Global Markets Research US exceptionalism theme: What do global equity flows tell? High frequency offshore listed ETF flow data shows US inflows moderating as Europe and EMs gain traction What do global equity ETF flows indicate about the fading of US exceptionalism theme? A clear moderation in fund inflows into the US; investors allocating to both Europe and EMs Since mid-January of this year, discussions have been dominated by the narrative of fading o ...