War, a winter of energy rationing, a coming recession that could outlast any American one. Oh, and a newly hawkish ECB. How Europe will surmount its mountain of troubles is anyone’s guess -- and investors aren’t sticking around to find out.
Money managers yanked $3.4 billion from European stock funds in the week through Sept. 7, taking total outflows in the past six months to $83 billion, according to Deutsche Bank AG citing EPFR Global data. Among those fleeing are BlackRock Inc. and the region’s largest asset manager Amundi SA. Analysts at Bank of America Corp. and JPMorgan Chase & Co slashed year-end forecasts for the Stoxx 600 and Euro Stoxx 50 respectively.