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STOCKS NEWS EUROPE-Germany equity funds suffer big outflows -EPFR

Europe equity funds enjoyed net inflows for the 13th straight week in the week ended Sept. 25, according to EPFR Global data.

However, flows into funds dedicated to Portugal, Italy, Ireland (Other OTC: IRLD - news) , Greece and Spain markets have started to tail off, EPFR said, while Germany equity funds recorded their biggest weekly outflow since the second quarter of 2012.

Germany's DAX index (Xetra: ^GDAXI - news) has underperformed European peers since late June, up 12 percent while both France's CAC 40 (Paris: ^FCHI - news) and Italy's FTSE MIB (Milan: FTSEMIB.MI - news) are up 16 percent and Spain's IBEX is up 22 percent.

Investors have been switching out of German stocks, worried about their strong exposure to emerging markets, and into more domestic-oriented European stocks as the euro zone pulls out of recession.

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Overall, EPFR Global-tracked equity funds posted net outflows of $1.54 billion during the week, with redemptions from dividend equity funds at a 13-week high, while bond funds collectively pulled in $4.44 billion.

"The rebound in risk appetite lost momentum as investors focused on the latest stand-off over the U.S. federal budget and debt ceiling," EPFR analysts write in a note.

Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net