Someone posted that perhaps with the internet, and the open borders that it creates, people are buying in Europe in order to avoid the complications and taxes that might accrue if such action was undertaken in their own countries. This is plausible since Panama, like Switzerland, attracts fairly sophisticated investors that like their privacy.
More importantly, a good many of the trades made in Europe may be viewed more as genuine investments, as opposed to just short term trades, whether it be from a cultural European bias, or the objective mentioned herein above.
The bottom line is that if either postulation is correct, this is decreasing the available float and that is good for the market and the SP. In either case...that is my guess.
