Which asset classes are investors switching to currently?

Risk aversion has risen sharply since the second quarter of 2018 (triggered by threats of protectionism, sanctions on some countries, the possible return of crisis in the peripheral euro-zone countries, and the crisis in Turkey and Argentina). The rise in risk aversion has led investors to pull out of: Emerging countries and China (in debt and equities); The peripheral euro-zone countries; Equity and credit markets in the euro zone; and to switch to: Risk-free government bonds (United States, core euro-zone countries); Equities and credit in the United States. Is this investor strategy reasonable? The reaction concerning equity and credit markets in the euro zone seems quite excessive , given the prospect of a marked increase in European corporate earnings; The switch to equity and credit markets in the United States fails to take into account the slowdown in growth that will take place in the United States due to the return to full employment and the negative effects of protectionism on the United States.