US-listed ETFs pulled in a net $46B in the past week. That dwarfs every other geography. The buying pressure score sits at 69 — firmly in risk-on territory. Over three months, the US has absorbed $692B in net flows, the single largest regional haul by a wide margin.
The week's headline divergence is China. It bled $13.3B in net outflows over the past seven days. Flow imbalance dropped to just 26.4, signalling heavy selling pressure. Over three months, China has shed $47.9B. The selling is not a blip — it is a sustained trend with no sign of reversal.
Japan is the standout ex-US winner. It added $14.6B net this week, with a flow imbalance of 61. Over three months, Japan has drawn $297.6B — second only to the US. Money continues to rotate into Japanese equities.
The UK quietly added $1.96B this week. Over three months it has attracted $3.4B, making it one of the more consistent destinations in developed Europe. Global Ex-US funds also saw near-total buying pressure at 98.1 — essentially one-way inflows of $2.65B on the week.
South Korea reversed hard. It shed $2.2B this week despite pulling in $9B over three months. Taiwan also flipped negative this week at -$408M, after attracting $14.4B over the quarter. Both suggest short-term profit-taking in Asian tech-linked markets following recent gains.
Technology led all sectors with $5.6B in net inflows this week. That continues a dominant three-month run of $94.6B. Real Estate and Materials also gained on the week — $686M and $840M respectively.
The notable reversal: Industrials. Over three months it attracted $14.1B, ranking second among sectors. This week it posted a net outflow of $245M. Energy tells a similar story — $11.2B inflow over three months but a $742M outflow this week. Both suggest traders are trimming cyclical winners after a strong run.
Health Care bled $6.6B over three months. This week it turned slightly positive at $282M. Financials remain under pressure — down $10.5B over three months, with another small outflow this week.
Equities dominated all asset classes. They pulled in $68.4B this week and $1.18 trillion over three months. Fixed Income added $14.3B on the week and $180.7B over the quarter — solid but clearly secondary.
Commodities tell a striking reversal story. Over three months they bled $72B in net outflows. This week, they flipped to $3.1B in inflows with a flow imbalance of 72. Watch this space for a potential trend change.
Active strategies attracted $15.5B this week, with a flow imbalance of 84 — the strongest buying conviction among strategy types. Growth funds added $3.9B this week and $326.8B over three months. ESG remains unloved over the quarter at -$14.8B, but saw a small $535M inflow this week.
Overall, the tone is firmly risk-on. Money is flowing into equities, growth, and active strategies. The US and Japan lead. China remains the clearest loser.
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.
