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In the flows to know section, they said cash inflows are also reaccelerating with $26 billion per week in July compared to -$4B a week in June.
Meanwhile, gold outflows over the past ten weeks represent the longest streak since November 2022. Spot gold is currently trading around the $1,943 mark, up around 0.47% following the release of nonfarm payroll data.
Elsewhere, inflows to tech stocks are also accelerating, with nearly $6 billion in inflows over the past four weeks.
The analysts wrote that some of the Q3 to-date winners are “‘hard landing’ plays…US regional banks 17%, oil 13%, China tech 12%, EU real estate 7%,” with losers being “Bitcoin -4% & 30-year UST -5%.”
