BofA weekly flow data shows USD 19.7bln into bonds, USD 11.5bln into stocks, USD 5.6bln into cash, USD 1.9bln into crypto, USD 1.8bln out of gold

• BULL & BEAR: BofA's Bull & Bear Indicator was unchanged at 9.2 (remains in excess bull territory); BofA said bullish inflows to HY bonds and EM debt were offset this week by weaker credit markets and more bearish hedge fund positioning.
• In its commentary, BofA said that asset allocation is shifting towards perceived beneficiaries of a prolonged Iran-Israel conflict, including oil, the USD, US technology and global defence, while oil importers with limited energy equity exposure, including Korea, Japan and Europe, are seen as vulnerable. It adds that Japan and Europe bank leadership faces the biggest threat.
• METALS: Gold saw its largest outflow since October 2025.
• EQUITIES: US equities see the largest outflows in six weeks. Japan equities saw the largest inflow since October 2025.
• SECTORS: The Energy sector saw a record weekly inflow, with BofA writing that investors are capitulating into the sector; Financials saw their biggest four-week outflow since April 2025.
• EM: The bank notes that emerging markets saw inflows in debt and equities, adding that it sees see no capitulation in EM exposure yet. 

BofA’s latest weekly flow data indicates a significant shift in asset allocation, with notable inflows into bonds and stocks while experiencing outflows from gold. This reflects a broader market sentiment favoring perceived safe-haven investments amid geopolitical tensions, as investors reallocate towards sectors like energy and technology, which are thought to benefit in the current climate. The outflows from gold, especially, may signal a waning confidence in traditional safe havens as risk appetite changes.