Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
The story of this week's ETF flows is a sharp tilt toward tech and Asian markets. Equity funds pulled in a net $63.6B in a single week. That dwarfs every other asset class and sets a clear risk-on tone heading into a packed earnings week.
The US remained the largest single destination, attracting $25.7B net in the past week. But the proportional story belongs to Asia. South Korean ETFs posted a flow imbalance of 84, meaning buyers dominated overwhelmingly. Taiwan drew $5.3B net. China added $10.4B, with a flow imbalance of 77. All three sit well above the 65 threshold that signals strong buying pressure.
Europe is moving in the opposite direction. Developed Europe posted a $815M net outflow over the week, with a flow imbalance of 36, firmly in selling territory. That contrast with the 3-month picture is notable: over three months, Developed Europe attracted $7.6B net. The weekly reversal suggests short-term caution on European assets, consistent with EU HICP inflation rising for three consecutive months to 3.8% in September 2026 (ORTEX Alt Data). Higher inflation is tightening the ECB's room to ease. India also bled $69M this week, extending a 3-month outflow trend that totals $1.2B.
Information Technology received $11.6B in net inflows over the week, more than all other sectors combined. Its flow imbalance of 79 reflects broad buying pressure. This lines up with a busy earnings schedule: GM reports on 20 October and TSLA on 21 October, with ORTEX Alt Data noting German car registration data running at +269% year-on-year for the quarter Tesla is about to report.
Financials were the sharpest loser. The sector bled $2.1B in a single week, with a flow imbalance of just 20. That is a significant reversal from the 3-month view, where Financials was the biggest net outflow sector over the longer window as well, at $8.8B. Persistent selling in banks and insurers points to caution around credit conditions. ORTEX Alt Data shows GM auto-loan delinquencies running 1.2 standard deviations above its trust peer group as of 29 September 2026, consistent with the pressure on financial sector sentiment.
Industrials also slipped into outflow this week at $501M net negative, despite being broadly flat over 3 months. Utilities and Real Estate both saw modest selling pressure this week, though both attracted solid inflows over the 3-month window, suggesting the dip may be short-term profit-taking.
Fixed income pulled in $10.8B this week, its flow imbalance sitting at 63. That is healthy but well below equities. Over 3 months, bonds have attracted $297.5B, versus $524.7B for equities. Both asset classes are seeing steady inflows. This is not a rotation out of risk; it looks more like parallel buying across the board.
Commodities added $1.1B this week and $31B over 3 months, a consistent bid that sits alongside the energy sector's own positive flows.
On strategy, the week's clearest signal is the continued outflow from ESG funds, which lost $531M. Over 3 months, ESG had attracted $8.8B, making this week's reversal one to watch. Growth strategies attracted $3.3B this week with an imbalance of 87, the highest in the strategy table. Active funds drew $3.3B. Low volatility strategies bled $259M, underlining that investors are not reaching for protection right now.
The overall tone is risk-on: equities lead, tech dominates, safe-haven and low-volatility plays are being passed over, and the money is flowing into the markets most exposed to the earnings season just getting under way.
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.
