Flows are rotating into INF.L while AZN.L weakens

🇪🇺 Equities are seeing a sharp flow reversal with seven outflows versus just one inflow, signaling a potential shift in market sentiment. The largest exit by far is from $AZN-L, which shed $7.40 billion, while the only notable inflow is into INF-L, adding $1.37 billion. This stark contrast suggests a move away from healthcare and defensive themes toward more selective, risk-on sectors. The key takeaway is that the broad sell-off in AZN-L and its peers indicates a cautious tone, yet the inflow into INF-L hints at pockets of renewed interest in inflation-sensitive or growth-oriented areas. Next, watch whether INF-L’s inflow sustains or if the outflows resume across the broader market, which would confirm a risk-off environment. Until then, the dominant flow shift warns of a cautious undertone amid mixed signals.