Money is pouring into one of the world's biggest stock markets at a record pace

To find the hottest destination for stock traders, you'll need to look overseas.

Investors poured roughly $6 billion into European equities last week, the most in history, according to data compiled by Bank of American Merrill Lynch. More than three quarters of that was absorbed by exchange-traded funds, which also saw record inflows.

European stocks are particularly appealing at the moment, with political risks subdued following the conclusion of the French presidential election, and as corporate earnings growth surges, BofAML strategists led by Ioannis Angelakis wrote in a client note on Friday.

Bank of America Merrill Lynch

The STOXX 600 index of European stocks is forecast to see earnings expand by 14% this year, a Bloomberg survey shows. That's even more than the S&P 500, which is experiencing surging profit growth of its own.

But the inflows don't stop at stocks. Other assets are piggybacking off the move higher in equities, most notably investment-grade bond funds, BofAML said. Flows to high-yield funds also remained in positive territory for a third straight week, while money moved into fixed-income funds for an eighth week running.