Flows are rotating into INF.L while AZN.L weakens

🇪🇺 A sharp flow shift is underway, with a clear exit from AstraZeneca and a simultaneous bid for Infosys, signaling a potential rotation out of defensive healthcare toward more growth-oriented tech. The outflow from AZN.L topped $9.8 billion, the largest among six exits, while INF.L attracted a $4 billion inflow, the top bid in a small, concentrated move. This divergence suggests traders are rebalancing away from traditional pharma staples and into technology themes. The key point is that the market is narrowing its focus, with flows concentrated in a handful of themes rather than broad participation. The continued outflow from AZN and PSON, combined with the inflow into INF, indicates a shift in risk appetite that could influence sector leadership. Next, watch whether the inflow into INF sustains as a sign of evolving confidence or if the outflows resume, which would confirm a more cautious tone.