Flows are rotating into BT-A.L while AZN.L weakens

🇪🇺 A clear shift in flow dynamics signals a cautious turn, with outflows dominating inflows at the close. The market saw six clusters exit, led by a $7.76 billion withdrawal from AZN.L, while only two clusters attracted inflows, topped by $BT-A.L with $699 million. This divergence suggests traders are pulling back from key pharma themes despite some selective buying in telecoms. The intensity of the AZN.L exit marks a significant repositioning, hinting at risk aversion amid uncertain macro signals. The fact that BT-A.L is the only notable inflow underscores the narrow base of support, and the overall flow pattern warns of waning confidence in broader equity rallies. Next, watch whether these outflows extend into next week or if the inflow in telecoms can stabilize the tone.