The past week delivered a clear risk-on signal. US-focused ETFs pulled in $150B in net flows. That dwarfs every other region combined and carries a flow imbalance of 83.4 — firmly in strong buying territory.
The US story is not new, but its scale this week stands out. Over three months, the US attracted $669B in net inflows. The 1-week pace of $150B suggests momentum is actually accelerating.
Japan came second both over 1 week (+$14.7B) and 3 months (+$307B). Strong buying pressure (imbalance: 82) shows consistent institutional demand.
China is the sharpest divergence. It bled $6.1B over the past week. Over three months, the outflow runs to $36.5B. Selling pressure is heavy, with a flow imbalance of just 24.8. Hong Kong echoed that weakness, losing $855M on the week.
Switzerland also reversed sharply. It attracted $4.3B over 3 months. This past week it shed $391M, with a flow imbalance collapsing to 13.2 — one of the weakest readings in the data.
Emerging Markets as a whole flipped. Over 3 months, they bled $18.1B. This week they attracted a modest $401M. That may be an early sign of tentative rotation back in.
Technology led all sectors with $2.5B in net inflows this week. That aligns with the 3-month picture, where Tech absorbed $97.9B — by far the largest sectoral flow.
Industrials were the second-best sector on the week at +$875M. They also stayed strong over 3 months at +$16.8B. That consistency points to real positioning, not a one-week blip.
Health Care was a notable loser. It shed $525M this week. The 3-month figure shows a $5.6B outflow. Selling pressure is building, with a flow imbalance of just 36.3.
Materials also weakened, down $606M on the week and $5.9B over 3 months. Financials show a stark reversal — broadly flat this week (+$135M) but deeply negative over 3 months at -$11.3B.
Energy held steady. It posted +$367M on the week and +$11.2B over 3 months, suggesting steady institutional accumulation.
Equities dominate completely. They pulled in $115B this week versus $10.7B for Fixed Income. Over 3 months, equities attracted $1.16T against bonds' $189B. Both asset classes held flow imbalances above 64, showing broad buying pressure across the board.
Commodities stand out as the biggest reversal. They lost $791M this week. Over 3 months, the outflow is a massive $78.6B. Flow imbalance sits at just 38 — persistent selling.
On strategy, Growth ETFs dominated with $94.8B in weekly inflows and a flow imbalance of 98.3. That is near-total buying pressure. Over 3 months, Growth pulled in $327B. Active strategies also remained strong at +$8.8B for the week and +$134B over 3 months.
ESG continues to struggle. It lost money over 3 months (-$12.9B) and barely broke even this week. The tone is clearly risk-on, growth-focused, and US-centric.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
