Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
The single biggest story this week is Japan. ETFs focused on Japanese equities pulled in $13.4B net over the past week, with a flow imbalance of 87.3. That is the strongest buying pressure of any geography other than the US itself. Over three months, Japan was a net seller of $13.1B. The reversal is sharp.
The US drew the most money in absolute terms. Net inflows hit $23.4B on the week, with a flow imbalance of 66.8. Over three months the figure is $286.9B, confirming a sustained appetite. Japan's weekly swing from outflow to $13.4B inflow is the most notable trend reversal in the geography data.
South Korea added $5.1B on the week, with a flow imbalance of 80.3. China took in $4.8B. Both look consistent with the three-month picture, where South Korea attracted $10.2B and China $20.8B over the full period.
Israel stood out as the lone clear loser this week. Net outflows hit $225M, with a flow imbalance of just 22.9. Mexico also bled, shedding $191M with an imbalance of 2.1. Emerging Markets as a broad category posted a small net outflow of $96M on the week, despite a $17.2B net inflow over three months. That divergence hints at some short-term caution on EM broadly.
Technology led sector inflows at $2.8B net this week. That is a stark reversal from the three-month picture, where Information Technology recorded the largest net outflow of any sector at $6.5B. Investors appear to be returning to tech after a quarter of selling.
Industrials suffered the most on the week. Outflows reached $1.1B, with a flow imbalance of just 30.4. Over three months the sector was nearly flat, down $51M. The weekly move represents a meaningful break from that equilibrium.
Utilities attracted $788M and Energy $785M this week. Both have been consistent over three months too, with Utilities up $3.1B and Energy up $902M over the period. Health Care added $654M on the week and $3.4B over three months. Financials shed $365M this week and $5.2B over three months, making it the most persistently unloved sector in the dataset.
TSLA reports on 21 October. German car registration data, a dataset measured to lead Tesla revenue by 43 days, is running 269% above the same quarter last year across all three months in the quarter. GM reports on 20 October. The same German car series, measured to lead GM revenue by 15 days, is running 133% above the prior year, with three of three months confirmed.
Equities took in $56.3B on the week. Fixed Income added $19.4B. Both point to a risk-on tone, with money flowing into growth assets without abandoning bonds. Commodities posted a net outflow of $438M this week, reversing a three-month inflow of $31B. That near-term pullback in commodity ETFs contrasts with the multi-month trend and is worth watching.
Active strategies gathered $4.3B on the week and $169.8B over three months, the latter being the second-largest strategy flow in the data. Fundamental strategies attracted $15.2B this week alone, the highest weekly flow imbalance of any strategy at 98.0. Dividends reversed course: down $184M this week after $12B of net buying over three months. Low-volatility ETFs also shed $149M on the week.
The overall tone is risk-on. Money is moving into equities, selective geographies, and active mandates. The tech comeback this week, if sustained, would mark a turning point after a difficult quarter for the sector.
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.
