Flows are rotating into Cross-Sector Resource & Industrial Metals while BGL.AX weakens

🇯🇵 A clear shift emerges as inflows into resource and industrial metals overshadow outflows from the Australian banks, signaling a cautious rotation. The market saw $24M flow into $CIA-AX, led by cross-sector resource interests, while BGL-AX faced a $140M exit, marking the largest single move. The divergence hints at a modest risk-off tone, with investors pulling from financials amid potential sector-specific headwinds. This outflow from BGL.AX is confirmed by a broader reduction in bank-related flows, while resource metals maintain a steady bid. The next test is whether resource inflows continue to widen or if the sector's interest fades. Watch for signs of stabilization or renewed demand in metals, which could hint at a more balanced flow picture or a deeper sector rotation.