Why are non-residents concerned about the situation in the euro zone?

Since the second quarter of 2018, non-resident s have become massive sellers of euro-zone equities, which shows their concern about the euro zone’s situation. What are they concerned about? Probably all of the following: The decline in potential growth in the euro zone; The possibility of another crisis in Italy; The prospect of an industrial crisis in Germany; A depreciation of the euro as interest rates remain low; Europe’s political weakness with respect to the United States.