Who is benefiting from investors’ incredible lack of confidence in the euro zone?

Since the summer of 2018, investor s have shown an incredible lack of confidence in the euro-zone countries . This applies to the core as well as the peripheral euro-zone countries, and is reflected by a very high level of sale s of euro - zone financial assets by non-residents. These capital outflows from the euro zone (in equities, bonds and short-term capital flows) must benefit other countries that receive the capital flowing out of the euro zone. Which countries are we talking about? We have to look at both: Non-resident capital flows in and out of these countries; The behaviour of domestic investors in these countries (who can invest domestically what they invested previously in the euro zone). We then see that since mid-2018, the United Kingdom, Japan and emerging countries - but not the United States - have received the capital flowing out of the euro zone.