Flows are rotating into BOQ.AX while Precious Metals & Mining weakens

🇯🇵 A clear flow shift is underway as outflows from precious metals & mining hit $24M, outweighing inflows into the sector and suggesting waning investor interest. Despite a modest $6M bid into BOQ.AX, the dominant theme remains a retreat from defensive and commodity sectors, with money pulling out of $DYL-AX and ASB-AX. This points to a broader move away from cyclicals and precious metals, even as some pockets like mining & industrial materials see slight inflows. The key takeaway is that the market is consolidating its recent gains with a cautious tone, as the flow landscape confirms a leadership rotation away from the prior safe-haven and resource bets. Next, watch whether the DYL-AX outflow accelerates or if inflows into defensive themes like AZJ-AX gather momentum, which could signal a shift in risk appetite. For now, the flow landscape warns against assuming the previous breadth of rally persists.