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European Stock ETFs Record First Positive Monthly Flows Since Iran Conflict Began
European stock exchange-traded funds posted positive net flows in July, their first month of inflows since the US-Iran conflict started in late February, according to Bloomberg data. BlackRock reported that its European equities products attracted $4.4 billion in July, describing the flows as anti-momentum allocations away from volatile chipmaker stocks. A strong earnings season and easing oil prices have renewed investor appetite for the region, with companies in the Stoxx Europe 600 on track for 22% year-on-year earnings growth in the second quarter, the strongest since 2022. UBS raised its year-end target for the Stoxx 600 to 690 points from 630, implying roughly 5% further upside, while Goldman Sachs projects 168% upside for UK clean energy developer Ceres Power and 102% for German defense contractor Rheinmetall over 12 months. The Stoxx 600 has gained 10.7% in 2026 and touched a record 663.4 points this month, with Germany's Dax, the FTSE 100, France's Cac 40, and Spain's Ibex also reaching highs.