Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
Active ETFs led all strategies this week, pulling in $78.7B against only $16.5B in redemptions. That is a flow imbalance score of 85.2, one of the strongest readings in recent memory. The backdrop matters: US nonfarm payrolls hit 159,044 thousand in September 2026, the highest reading since the series began in 1997, according to ORTEX Alt Data. Average hourly earnings also set a record at $37.81. Money managers appear to be pricing in exactly that kind of labour market strength.
The US dominated geography flows this week with $86.9B in net inflows, a flow imbalance score of 72.6. Japan came second at $6.7B. Both markets attracted strong buying pressure relative to selling.
The contrast with the three-month picture is striking. Over three months, China pulled in $34.6B net, ranking third globally. This week it flipped to a $203M outflow, with a flow imbalance of just 33.1. Hong Kong followed a similar pattern: a $5.6B net inflow over three months reversed to a $764M outflow this week, with a flow imbalance of 21.8, signalling clear selling pressure. That short-term reversal in Chinese exposure deserves attention, particularly as ORTEX Alt Data shows Hong Kong public transport passenger journeys hit their lowest July reading in three years in 2026.
Singapore bucked the regional trend. ETFs tracking the city-state posted a near-perfect flow imbalance of 99.1 this week and a $913M net inflow over three months. That aligns with a separate ORTEX Alt Data reading showing visitor arrivals from China to Singapore hit a record 435,442 in August 2026, the highest since the series began in 2008.
Financials and Technology bore the brunt of sector outflows this week. Financials shed $2.8B net, with a flow imbalance of just 22.0. Technology lost $2.4B, though its imbalance of 39.0 suggests selling was less one-sided. Over three months, both sectors also sit in negative territory, so this is not a new trend.
Utilities flipped the script. The sector drew $1.0B this week with a flow imbalance of 82.3, extending a three-month run of $2.5B in net inflows. Industrials added $527M this week, consistent with a $1.0B three-month trend. Communication Services collected $310M on the week, a reversal from its $785M three-month deficit. That is the clearest weekly-versus-trend divergence in the sector table.
Healthcare showed a notable reversal too. It posted a $178M outflow this week but sits on $3.1B in net inflows over three months, where it ranks as the top performing sector. Short-term selling pressure has arrived in what had been a strong performer. Medicare Advantage penetration reaching 51.1% in June 2026, a record per ORTEX Alt Data, keeps the structural demand story intact even as near-term flows cool.
Equities took in $102.5B net this week. Fixed income added $31.9B. Both asset classes carried strong imbalance scores of 71.0 and 75.8 respectively. Over three months, fixed income's net flow of $292B sits at 54% of equities' $537B. Bonds are holding their own alongside stocks, not retreating in a pure risk-on trade.
Active strategies pulled in $78.7B this week, far outpacing passive Vanilla funds at $18.7B. Over three months the gap narrows but remains wide: Active at $181.8B versus Vanilla at $255B. Dividend strategies also held firm at $481M this week and $12.8B over three months, consistent with income-seeking positioning in a high-rate, record-payroll environment.
The overall tone is risk-on, led by US equities and active management, with selective emerging market caution replacing the broad China enthusiasm of recent months.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
