Flow & Liquidity expert at JPM, Nikos P, sees significant equity selling into month-end. Flows have clearly been important in September. Will this one also spook the market?

“We estimate around -$200bn of negative rebalancing flow by entities that tend to rebalance on a quarterly basis, such as US defined benefit pension plans, Norges Bank, i.e. the Norwegian oil fund, and the Japanese government pension plan, GPIF”