Core Viewpoint - Allianz Global Investors' CEO Tobias C. Pross stated that European stocks are "relatively cheap" based on price-to-earnings ratios, while U.S. stocks are overpriced. Asia is also seen as a potential safe haven [1] Group 1 - The U.S. is re-evaluating its relationship with Europe, which is beneficial for Europe in terms of defense spending [1] - It is not expected that investors will sell off U.S. bonds or stocks, but a reduction to normal levels is possible [1]

Core Insights - Data indicates that U.S. stock funds have experienced outflows for the second consecutive week, while European stock funds have seen inflows for the seventh consecutive week [1] Group 1 - U.S. stock funds recorded outflows for two weeks, suggesting a potential shift in investor sentiment [1] - European stock funds have attracted capital for seven weeks, indicating a sustained interest in the European market [1]