U.S. total cross-border investment outflows rose to $143.7b in January, that is the biggest net monthly outflow since Sept 2016…
This is the largest two-month Net TIC outflows since February 2009
And the largest 12-month average sales since June 2016…
The breakdown of the outflows show that US Stocks were heavily sold…
In fact, foreigners dumped the most US stocks since Sept 2015…
Despite the selling, there were some buyers of US Treasuries in January. Japan was the biggest buyer… (the biggest mothly buy since Sept 2013)
Thailand and Taiwan were also big buyers in January, and China also dipped its toe back inf for the 2nd month in a row…
But we note that Luxembourg, Ireland, and the Saudis were big sellers of Treasuries…
So, January’s stock market surge was all domestic flow driven.
via ZeroHedge News https://ift.tt/2XZXdtX Tyler Durden