On a regional basis, however, the picture looks more varied. Investment in MSCI Asia-Pacific picked up nicely until the recent correction (though it remains positive), while trading in MSCI North America equities has had a slight bias towards selling for most of the year so far:
Meanwhile, positive accumulation trends that have prevailed in MSCI Europe since the beginning of 2013 broke down in mid-July and have since accelerated towards a level of net distribution not seen since 2011:
