FX.co ★ Brexit triggers record capital flight from Europe

The cash flow from European investment funds has reached a 4-month high of $5.8 billion for the week ended July 13, The Financial Times reported, citing data from EPFR Global.
According to the source, the investors’ choice was apparently influenced by the decision of Britain to pull out of the European Union, coupled with an unfolding banking crisis in Italy (the volume of so-called impaired loans in the country’s financial sector now exceeds €360 billion).
Withdrawal of capital from UK funds for the same period resulted in an outflow of roughly $1 billion. Overall, investors have been taking their money out of European assets for 23 straight weeks now.
Having turned away from Europe, investors are pouring cash into the United States instead. In the past week alone, the US equity market attracted a net inflow of $12.6 billion.