Foreign investors buy nearly 100 billion euros of euro zone bonds in May, Citi says
LONDON (Reuters) -Euro zone bonds saw nearly 100 billion euros ($116.4 billion) of buying from outside the bloc in May, Citi said citing European Central Bank data, the latest sign that euro assets are benefitting from a shift away from U.S. markets.
The 97 billion euros of net inflows into euro zone bonds with maturities longer than one year was the largest on a monthly basis since at least 2014, Citi said, pointing to portfolio flow data from the ECB.
"This could potentially be due to substitution out of dollar assets," the bank's analysts said in a note to clients on Monday.
Allocation away from U.S. to European assets has been a big theme across financial markets in 2025, so investors are looking for data indicating to what extent such a move is taking shape.
U.S. President Donald Trump's confrontations with longstanding allies over trade and security, along with attacks on the Federal Reserve, have raised concerns around the safe-haven status of U.S. Treasuries this year.
Euro zone bonds have traded more steadily, boosting their appeal to investors as an asset perceived to be safe.
U.S. 30-year yields are up 40 basis points since April 2, when Trump announced his "Liberation Day" tariffs, while German equivalents are up fewer than 20 basis points.
Citi however noted the May inflows followed 12 billion euros of foreign investor outflows from the bloc's debt in April, which they said could be explained by broad de-risking in the wake of Liberation Day.
"All in, therefore, we would watch out for the June data, released on 18th August, to draw any conclusions," the analysts said.
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E-commerce growth, digital media consumption, and the rise of app-based services have further expanded advertising inventory across platforms. With its cost-effectiveness, performance-based pricing models, and data-driven optimization, online advertising continues to outpace conventional channels in both reach and return on Are Technologies and Data Analytics Transforming Online Ad Ecosystems?Technological innovation is driving significant transformation in how online ads are created, delivered, and optimized. Programmatic advertising, which uses automated platforms and real-time bidding (RTB), has streamlined media buying and improved ad targeting efficiency. Artificial intelligence and machine learning algorithms are being used to personalize ad content, forecast campaign performance, and identify high-converting analytics tools provide advertisers with granular insights into user engagement, click-through rates, and conversion paths, enabling continuous campaign refinement. 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