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Data from last week indicate a shift in capital flows toward a short-term “risk-on” stance, with equity exchange-traded funds (ETFs) drawing strong net inflows globally while money moved away from defensive positioning into risk assets.
The U.S. stock market continued its upward momentum into the second straight week after the United States and Iran reached a ceasefire agreement for two weeks. Technology and artificial intelligence stocks led the market, while financials and energy were comparatively weaker.
Major U.S. benchmarks posted weekly gains: the Nasdaq Composite rose 4.68%, the S&P 500 increased 3.56%, and the Dow Jones Industrial Average climbed 3.04%.
Net inflows into U.S. ETFs totaled over $49 billion, up 71% from the prior week. Equity ETFs accounted for nearly $49 billion of inflows, up 211% week-over-week, reflecting renewed appetite for risk as risk-on sentiment returned. In contrast, bond ETFs attracted just over $7 billion, down 37% week-over-week.
Outside the U.S., net inflows into non-U.S. equity ETFs remained strong at more than $6 billion, up 76% week-over-week. This marked the second consecutive week of net inflows in the category, suggesting global stock flows rather than a primary focus on the U.S. as seen in the previous week. Non-U.S. bond ETF inflows also reversed to net inflows of more than $700 million.
Commodity ETFs recorded a second consecutive week of net inflows, but the pace eased to $639 million, down 15.4% week-over-week.
In Asia, foreign flows diverged after a period of large withdrawals. Following a rebound in technology and semiconductors, foreign investors turned to net buying in Taiwan (+$6 billion) and Korea (+$3.4 billion). Thailand (+$226 million) also benefited after the Thai central bank governor said current rate hikes are not an effective solution to curb inflation and that the Secure+ program has begun to support the market.
By contrast, India (-$2 billion) led the outflows, alongside Indonesia (-$179 million) and Vietnam (-$155 million).
ETF flows into Southeast Asia reversed to net inflows of $56 million, the highest since December 2025. The shift indicates capital returning to funds across emerging and frontier markets. Singapore (+$59 million) and Vietnam (+$3.7 million) recorded the strongest net inflows, while Thailand saw modest outflows.
ETFs invested in Vietnam markets continued to show net outflows. VanEck recorded outflows of more than $3.5 million, alongside Fubon (-$1.1 million). Meanwhile, FUEVFVND reversed to net inflows of $1 million during the week.
In the Vietnamese stock market, foreign investors remained net sellers of VND 3,033 billion. Selling was concentrated mainly in VPL (-3,366 billion), likely linked to block trades by funds after the stock traded in large blocks. Additional net sellers included VIC (-968 billion) and MBB (-379 billion).
On the buy side, notable net buyers included HPG (+1,038 billion), GEL (+134 billion), and DCM (+131 billion).
With the market backdrop improving in risk appetite, the VN-Index is eyeing the 1,800-point level.
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