Foreign investors are pouring money into US stocks again: US equity funds have attracted ~1.5 billion in net inflows over the last month, the most since February. This comes after a net outflow of -5 billion at the beginning of April, the most in at least 5 years. European investors have piled back into US equity funds as trade war uncertainty has eased over the last few weeks. According to the Fed data, foreigners own 18.5 trillion in US equities, reflecting ~20% of the total US equity market. Keep watching the flow data.