About this work
Jonathan Fortun examines how emerging market portfolio flows behaved in October 2026 and what drove the shift. Outflows totaled $33.8 bn, following $19.3 bn in September and marking the biggest withdrawal since March. North Asian equities bore the brunt, as worries about AI investment returns combined with profit taking after large gains. Equity outflows came to $31.7 bn, with EM Asia accounting for $28.3 bn amid record foreign selling in Taiwan. Debt flows were mixed, since EM ex China debt drew $7.2 bn against $9.3 bn leaving China. Expected December hikes by the Fed and BoJ, Brent above $100 and Brazilian fiscal risk keep the bar high for equity inflows to resume.
Cite this work
Jonathan Fortun (2026). IIF Capital Flows Tracker: November 2026. Institute of International Finance.