Flows are rotating into ASB.AX while BGL.AX weakens

🇯🇵 A clear flow shift is unfolding with outflows now outnumbering inflows, signaling a potential tilt toward risk-off sentiment. The biggest move is a $47M exit from BGL.AX, the dominant theme leader, indicating a sharp retreat from the sector. Meanwhile, inflows remain modest, with $ASB-AX attracting a $3M bid, underscoring a cautious stance rather than broad conviction. This pattern suggests traders are trimming positions in key resource and industrial metals, while selective names like ASB-AX are holding modest support. The next test will be whether inflows can stabilize or if the outflows accelerate, confirming a more sustained shift. Watch for early signs of flow widening beyond the top themes to gauge if the risk-off tone gains traction across the market.