BofA's weekly flow report notes USD 29.5bln out of cash, USD 23.0bln into stocks, USD 19.9bln into bonds, USD 1.2bln out of gold

• BofA Bull & Bear Indicator rose to 6.6 (from 6.3), remaining in neutral territory. It said the rise was driven by tighter global HY and AT1 bond spreads, inflows to tech, HY and EM debt, and more bullish gold/VIX positioning, offset by less overbought global equity indices. 

• Cash saw USD 29.5bln of outflows. 
• Gold saw USD 1.2bln of outflows, first outflows in six weeks. 

• the bank notes that stocks saw USD 23.0bln of inflows this week, with USD 37.2bln into ETFs and USD 14.2bln from mutual funds. 
• DM: US equities have seen USD 19.3bln of inflows over the past five weeks. Japan equities saw USD 6.7bln of inflows, the biggest since May 2013. Europe equities have now seen USD 3.4bln of outflows over the past three weeks. 
• EM: EM equities saw USD 10.0bln of outflows over the past three weeks; China equities saw USD 11.3bln of outflows, the biggest since January 2026. 
• By sector: Tech saw USD 3.0bln of inflows, energy USD 0.7bln and communication services USD 0.7bln; healthcare saw USD 1.1bln of outflows, consumer USD 0.7bln, utilities USD 0.6bln, real estate USD 0.6bln, financials USD 0.5bln and materials USD 0.2bln. 
• By style: US large cap saw USD 16.3bln of inflows, US value USD 1.0bln, US small cap USD 0.9bln and US growth USD 0.1bln. 

• BofA says bonds have now seen inflows for 53 weeks, with USD 19.9bln of inflows. 
• Govt/Tsy inflows resumed at USD 4.8bln. 
• TIPS saw USD 0.8bln of inflows, marking a 13th consecutive week of inflows. 
• IG bonds saw USD 8.8bln of inflows over the past four weeks, the biggest in eight weeks; HY bonds saw USD 2.1bln of inflows over the past four weeks. 
• EM debt saw USD 3.6bln of inflows over the past three weeks. 
• Bank loans saw USD 0.3bln of inflows over the past five weeks.

This week's BofA flow report reveals significant shifts in market sentiment, with substantial outflows from cash and gold, indicating a potential risk-on environment as USD 23 billion flowed into stocks. Notably, tech and U.S. large cap equities were particularly favored, while bonds continued to attract consistent inflows, suggesting a mixed but bullish outlook on equities amid tighter yields and better positioning in high-yield markets.