Flows are rotating into CCEP.L while DLN.L weakens

🇪🇺 Flow dynamics are shifting away from broad equity exposure toward defensive themes, with a notable $910M exit from DLN.L leading the way. Despite equal inflows and outflows overall, the market is seeing concentrated exits from cyclical sectors while defensive plays attract fresh capital, exemplified by a $638M inflow into CCEP.L. This divergence underscores a cautious tone, with traders pulling back from riskier parts of the market while piling into stable, defensive names. The next key move is whether inflows into defensive sectors can sustain or if the exit from DLN.L signals a broader risk-off stance that could trigger further sector rotation.