After strong outflows from equity funds in August, it appears quantitative easing by the European Central Bank (ECB) and the interest rate cut by the Federal Reserve have led European investors back to equities in September. This comes despite ongoing concerns about declining company earnings and the possible effects of a trade war between the U.S. and China. As a result, September was the seventh month during which long-term mutual funds posted net inflows this year. Equity funds (+€14.3 bn) were the best-selling asset type in the segment of long-term mutual funds, followed by bond funds (+€9.7 bn), mixed-assets funds