ING Group Chief Economist Marieke Blom noted that European retail investors continue to favor domestic exposure even as the outlook for the euro area remains cautious.

A Jin10 survey of European consumers found that 38% prefer investing in Europe while 14% prefer the United States.

Blom argued that persistent pessimism about the European economy has not deterred savers from allocating more money to European assets, with potential benefits for regional stock valuations and private-company funding as a result.

The pan-European STOXX 600 has gained 9.6% so far this year, while the S&P 500 has increased by nearly 13%.