Edited by Peter Hillerberg2 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 tracking Japanese equities pulled in $13.4B in net inflows over the past week, with a flow imbalance of 87.3. That is the second-largest geography by net flow, behind only the US at $23.4B. The contrast with the three-month picture is sharp. Over the past quarter, Japan was the largest geographic loser, registering a net outflow of $13.1B. That reversal, from the biggest loser to the second-biggest winner in a single week, is the most significant trend shift in the data.
The US drew the most money in absolute terms, $23.4B net over one week, with a flow imbalance of 66.8. South Korea added $5.1B and China added $4.8B. Both Asian markets show strong buying pressure above 78. The broader Developed Markets Ex-US basket took in $961M with a near-perfect imbalance of 99.3, suggesting near-universal buying in that category. Israel was the week's clearest outlier on the sell side, posting a $225M net outflow with an imbalance of just 22.9. Mexico shed $191M, with almost no buying at all (imbalance: 2.1). Over three months, Emerging Markets and Global Ex-US have been consistent recipients of capital. India, however, remains under selling pressure in both windows.
Technology is the headline reversal. Over three months, it was the worst performing sector by far, with a $6.5B net outflow. This week it flipped, attracting $2.8B in net inflows. The imbalance is still only 59.7, so conviction is modest. Industrials tell the opposite story. Over three months the sector was roughly flat. This week it swung to a $1.1B net outflow with a flow imbalance of just 30.4, indicating clear selling pressure. Utilities, Energy, and Health Care all posted solid weekly inflows of $785M to $788M. Communication Services added $940M. Financials shed $365M this week, extending its three-month pattern of outflows totalling $5.2B.
Equities remain the dominant destination. $56.3B flowed into equity ETFs this week, with fixed income adding $19.4B. Both show healthy flow imbalances above 70. Commodities recorded a $438M net outflow this week, reversing the three-month trend that saw $31B of net commodity inflows. Currency ETFs also bled $919M this week after three months of modest positive flows. On strategy, the standout this week is the Fundamental category, which took in $15.2B with a flow imbalance of 98.0. That reading is close to a one-sided buying signal. Active management continues to attract capital, with $4.3B in net weekly inflows, consistent with its three-month trend of $169.8B. Dividend ETFs flipped to a small outflow this week after three months of steady inflows of $12.0B. Low volatility ETFs also saw modest selling, with a flow imbalance of just 17.4.
With equity and fixed income both drawing strong inflows and cash moving into growth and active strategies, the overall tone this week is risk-on. The Japan reversal and tech comeback are the two trend shifts most worth watching in the sessions ahead.
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.
