Flows are rotating into Utilities & Healthcare Resilience while Oil & Gas Integrated weakens

🇪🇺 A clear flow shift is underway with inflows into defensive sectors sharply outpacing outflows, signaling a cautious tilt among traders. While $BP-L led the exodus from Oil & Gas, with a hefty -$697M, the biggest inflow went into Utilities & Healthcare Resilience, with TEF-MC attracting +$518M. This pivot indicates a move away from cyclical and commodity plays toward more resilient, income-oriented themes. The dominance of defensive inflows confirms a risk-averse tone, especially as the broader equity market remains uncertain. The next watchpoint is whether this flow pattern broadens beyond the top themes or stays concentrated, which would suggest the market's underlying risk sentiment remains entrenched. Traders should watch for continued strength in Utilities & Healthcare and whether the exodus from Oil & Gas persists.