Edited by Peter Hillerberg2 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
Japan led all geographies this week, pulling in $12.7B in net ETF inflows and carrying a flow imbalance of 83.4. That is a striking contrast to the three-month trend, where Japan attracted just $7.5B over the full quarter. The weekly momentum is running almost twice as fast as the quarterly rate. China added $4.0B on the week, with an imbalance of 84.6, maintaining its position as one of the stronger draws globally. The US absorbed $14.3B in net flows this week, the largest absolute figure, though its imbalance of 59 signals a more contested picture. Over three months, the US has pulled in $273.6B, dwarfing every other geography.
The sharpest regional reversal belongs to Israel and Mexico, both of which swung into outflow this week with imbalances of 17 and 2 respectively. India also dipped into the red on a one-week basis, contrasting with three months of modest net positive flow.
Developed Markets Ex-U.S. posted an imbalance of 97 this week, the highest in the geography table, indicating near-unanimous buying pressure across the basket. Global Ex-U.S. and Emerging Markets Ex-China both show imbalances above 92. That signals a broad rotation into non-US exposure. Sweden attracted $11M this week, a small number but notable given that Sweden's industrial production index reached a record 113.8 in August 2026, its highest August reading since 2000, according to ORTEX Alt Data. Austria and Ireland are also posting strong real-economy signals, with Irish battery-electric car licensings up 54% year-on-year in September and Austrian new car registrations hitting an eight-year September record, adding macro support to European flow interest.
The biggest sector reversal of the week is Technology. Over three months, Information Technology had the worst net flow of any sector, bleeding $10.3B. This week it flipped to the top position, attracting $1.9B in net inflows. That is a meaningful short-term reversal. Communication Services picked up $1.1B with an imbalance of 83, suggesting some conviction behind the move.
The selling was concentrated in Financials, which lost $828M this week despite being a net seller over three months too. Industrials dropped $773M on the week. That is a sharp weekly turn: over three months, Industrials were essentially flat. Utilities and Health Care each added around $600M this week and have been consistent recipients over both periods.
Equities absorbed $42.8B in net flows this week, with an imbalance of 65. Fixed Income added $20.4B with an imbalance of 72. Both asset classes are positive over three months, with equities at $524.9B and bonds at $294.4B. Commodities turned negative on the week, losing $408M, despite pulling in $30.7B over three months. Currencies also moved to outflow this week after three months of $8.7B in net inflows.
On strategy, Fundamental funds dominated the week with an imbalance of 98, pulling in $15.1B. Active strategies added $3.6B. Over three months, Active has been the standout, gathering $175.4B against Vanilla's $222.7B. Dividends reversed course: up $12.1B over three months but down $217M this week. Momentum was negative over both periods.
The overall tone is risk-on, with equities and bonds both in demand. The non-US geography bias and the Tech reversal are the most notable shifts from the three-month trend.
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.
