Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
US equity ETFs absorbed $33.9B in net inflows over the past week. That is the largest single-geography flow by far. But the more striking story is what is happening elsewhere: China pulled in $10.3B and Taiwan added $5.3B. Both markets show buying pressure above 75 on ORTEX's flow imbalance scale. Over three months, China's cumulative net inflow is $16.9B, confirming the Asia bid is not a one-week flicker.
Developed Europe told the opposite story. The region posted a net outflow of $897M last week, with a flow imbalance of just 36.3, indicating sellers outnumbered buyers. That contrasts with a positive $7.4B three-month trend. Money appears to be rotating out of European equities on a short-term basis even as the longer-term picture remains in modest surplus. Brazil and Canada each attracted over $1.4B last week, continuing their positive three-month runs.
Taiwan stands out on directional conviction. Its flow imbalance hit 95.9 last week, meaning nearly all gross activity was inflows. The three-month picture supports this: Taiwan has taken in $15B net over the quarter. Japan flipped sharply. It posted a $2.7B net inflow last week, but over three months it is nursing a $6.8B net outflow. Short-term demand has returned, but the quarter-long picture remains negative. Singapore swung hard negative on the week, with a flow imbalance of just 7.6 and a net outflow of $298M.
Information Technology took $9.2B in net inflows last week. That is the top sector reading by a wide margin. Over three months, however, IT has absorbed only $1.8B net, suggesting much of the recent buying is a fresh rotation back into the sector. Financials and Industrials both bled money last week. Financials shed $2.5B and Industrials lost $1.5B. Over three months, Financials is the worst sector, with a net outflow of $10.5B. Energy gained $495M last week and is positive $2.3B over three months. Health Care attracted $630M on the week and $2.9B over three months.
German car registrations data tracked by ORTEX Alt Data show a leading indicator for GM revenue running at +133% year-on-year over Q3 2026, with GM reporting on 20 October. The same German car series leads TSLA revenue by 43 days and is running +269% on the year, ahead of Tesla's report on 21 October. Those readings sit squarely in a week when the Technology and Consumer Discretionary sectors are pulling in fresh ETF money.
The MSCI World November review locks its ranking cut-off tomorrow, 19 October. ORTEX's Index Rebalance Radar puts FN (Fabrinet) at a 49% deletion probability, with $826M of forced selling across 2.4 days of normal volume if it drops out. That is a coin-flip with high market impact. XRO (Xero) carries a 73% deletion forecast worth $393M of selling, and ZAL (Zalando) stands at 54% with $357M at stake.
Equities dominated all asset classes with $67.2B in net inflows last week. Fixed income added $15.1B. That combination points to broad risk-on appetite. Over three months, the pattern holds but with a closer ratio: equities are up $498.5B versus fixed income's $298.4B. Bonds have been absorbing a meaningful share of flows for the full quarter.
On strategy, passive vanilla funds took $48.5B on the week. Active ETFs added $4.3B. Over three months, active funds show a stronger relative run, pulling in $167.3B, close to the $205.8B for vanilla. Growth and value strategies both attracted money this week, with growth leading at $3.2B versus value's $2.0B. ESG was the only large strategy to bleed assets on the week, losing $493M. Over three months ESG is still a net recipient of $9.6B, but short-term selling pressure is a notable break from that trend. Low-volatility strategies shed $262M on the week, another signal that defensive positioning is losing favour.
The overall tone is risk-on. Equities lead, bonds hold a supporting role, Asia attracts fresh capital, and investors are buying growth over defensive in sector and strategy terms.
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.
