(Bloomberg) -- The flurry of repatriation that took place during the third quarter amid China's shock devaluation and the plunge in global equities bodes well for stocks, according to a somewhat counter-intuitive note out from Barclays this Thursday.

"With the recent publication of balance of payments data it is now clear that the 12% peak-to-trough drop in global equities was accompanied by some aggressive selling pressure from international investors," wrote Ian Scott, head of equity strategy. "During September alone non-residents sold $28 billion of U.S. equities, $25 billion of Japanese equities, $13 billion in emerging markets and although the euro area data have yet to be released, we know non-residents sold a net $2 billion of German stocks in the month."

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