“Markets view France’s presidential vote as the next potential electoral shock. Populist candidate Marine Le Pen, who has flagged a referendum on EU membership and reintroducing the franc, appears poised to make it to the final round of the two-round voting system,” said BlackRock. “Yet if she does, polls suggest she will likely lose, with a polling gap far wider than that seen ahead of the Brexit and U.S. election surprises. Even if Le Pen were to win, we believe she would have a hard time securing a majority in parliament, lowering the near-term risk of a eurozone breakup.”

“Despite those concerns, investors have been lured into European stocks by hopes that a rebound in corporate profits there will make current low valuations look cheap in retrospect. BofA said cash is rotating out of U.S. stocks and into the eurozone at one of the fastest clips since 1999,” according to CNN.

Investors have added over $393 million to FEZ this year and nearly $1.5 billion to EZU.

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