Europe’s stocks disappoint again despite stimulus

After pumping more money into Europe’s equities than any time in history, last year’s buyers are being burned with some of the world’s worst returns.

Global fund managers are bailing at the fastest clip ever, even though the Euro Stoxx 50 Index yields 3.7 percentage points more than bonds in dividends and companies from BNP Paribas to Siemens are about 25% cheaper than the S&P 500.

Let down by the lure of monetary stimulus, a weak currency and low oil prices, the UK vote to leave the EU was the last straw for eurozone bulls who have lived through multiple corrections since 2012 and political crises from Greece to Ukraine.