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European equities funds have enjoyed a $6.1bn rush of new inflows around the election of Emmanuel Macron. “Allez les flows“, says Bank of America Merrill Lynch, suggesting there’s still much further to go. “Our European Equity Strategist Ronan Carr argues Europe inflows are barely halfway to levels consistent with prior market peaks,” it says.

(Read our full story on flows for more detail.)

The new-found enthusiasm comes alongside an unusually upbeat assessment among analysts for Europe’s likely earnings growth for the year, as the bank’s chart below shows.

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