Flows are rotating into Industrial Tech & Materials while Industrial & Utilities Conglomerates weakens

🇯🇵 Equities are seeing a clear flow reversal, with inflows now outnumbering outflows for the first time in recent sessions, but caution remains. The top inflow theme, Industrial Tech & Materials, attracted over $634B, driven by $6471-T, signaling renewed interest in industrials, while the largest outflow from Industrial & Utilities Conglomerates led to a $62B exit. The flow shift is notable; after persistent liquidation in conglomerates and Japan's industrial sector, traders are now favoring industrial tech and machinery. This pivot confirms a tentative bottoming in industrial equities, but the broad-based confirmation remains fragile. The next test will be whether inflows extend beyond the top theme, especially if $6471-T continues to lead gains. Until then, a one-stock rally in industrials still dominates the narrative, with potential for a broader flow if momentum broadens.