European stock exchange-traded funds (ETFs) recorded a month of positive net flows in July, their first since the US-Iran conflict began in late February, according to Bloomberg data.

The return of capital signals renewed investor appetite for the region. A strong earnings season and easing oil prices have restored Europe’s appeal as a hedge against volatile technology stocks.

Investor Money Returns to Europe

BlackRock highlighted that its European equities products attracted $4.4 billion in July. The asset manager described the flows as evidence of anti-momentum allocations away from volatile chipmaker stocks.

A July sell-off in global semiconductor stocks had pushed investors toward regions less tied to technology and artificial…