Flows are rotating into ANA.MC while Energy & Financial Resilience weakens

🇪🇺 Flow shifted sharply into defensive themes on Thursday, with $ANA-MC drawing a record $7.1 billion in inflows while UBSG-SW led a $2 billion exit from energy and financial resilience. The total active flow count remains muted at 42, but the dominance of ANA-MC confirms a clear rotation into defensive equities amid broader risk-off signals. The outflows from energy and financial resilience signal waning confidence in cyclicals, while the massive bid into ANA-MC underscores a preference for quality and stability. Next, watch whether this defensive bias sustains into the close or if cyclical names attempt a comeback. The key test will be whether the inflow momentum for ANA-MC can hold through the session.