BofA weekly flow data shows USD 13.2bln into stocks, USD 3.4bln into bonds, USD 0.8bln into cash, USD 0.2bln out of crypto and USD 0.9bln out of gold

BULL & BEAR: BofA’s Bull & Bear Indicator fell to 8.7 from 9.2, driven by equity outflows from tech and healthcare, sizeable outflows from HY and EM debt, and weaker global stock index breadth.
EQUITIES: US equities returned to inflows at USD 1.4bln, Europe saw its first outflow in six weeks. Korea equities saw a record USD 8.9bln inflow, while Japan equities drew USD 6.3bln, the biggest since May 2013. EM equities posted a sixth straight week of inflows.
SECTORS: Financials saw a record USD 3.7bln outflow, healthcare lost USD 1.6bln, the biggest outflow since July 2025, and tech saw a USD 0.9bln outflow, its first in seven weeks. Energy led sector inflows at USD 1.4bln, followed by utilities and materials.
FIXED INCOME: Bank loans saw a USD 2.4bln outflow, the biggest since April 2025; HY bonds lost USD 5.0bln, the biggest since April 2025; EM debt saw a USD 3.1bln outflow, the biggest in two months.
POSITIONING/ALLOCATIONS: BofA says risk-off outflows are becoming more visible in US HY bonds, EM debt and especially financial stocks, but argues positioning still does not show the “bear panic” usually associated with a durable low. BofA private clients cut equity allocation to 64%, the lowest since June 2025, while bonds rose to 18.1%, the highest since August 2025; cash stood at 10.6%. Over the past four weeks clients bought Japan, EM debt and municipals, while selling bank loans, MLPs and staples.
TRADING VIEW: BofA says it would fade oil above USD 100/bbl, DXY above 100, 30yr Treasury yields above 5%, and the S&P 500 below 6,600, arguing those levels should provoke a policy response.