FLOW SHOW: Equity stabilization ($2bn of redemptions) after big risk-off flows past 2 weeks ($23bn redemptions). European capitulation: biggest outflows from EU equities ever ($5.7bn). Quality king: Treasury & IG bond funds big winners; HY, floating-rate debt and EM equities extend outflow streak. Stat of the Day: global stock market cap loss since Sep highs = $4.85trn = greater than GDP of NY, London & Tokyo (it's been a bad month for income inequality)