HSBC raises global stocks to maximum overweight

HSBC Global Investment Research Chief Multi-Asset Strategist Max Kaitner released a research report on June 8, reaffirming the bank's bullish stance on global stocks. He believes that various risks that investors are currently concerned about have either been mostly absorbed by the market or overblown. It is reported that this research report further reinforces HSBC's consistent allocation strategy in recent months: increasing global stock allocation to the highest overweight level, with a focus on Asian emerging markets, Japan, and European stock markets; significantly overweighting emerging market local currency bonds, and bullish on high yield credit bonds. The core viewpoint of Kaitner's report is that the risks discussed in the current market are not new news. Trade conflicts, regional conflicts, inflation pressures, slowing economic growth, and overvaluation of the artificial intelligence sector have been repeatedly discussed for months. The bank stated: "In our view, the gradual reduction of negative news is enough to support the market's upward trend." In addition to market sentiment logic, HSBC also pointed out tangible fundamental positives. U.S. high-frequency economic data and labor market performance are strong, with total tax refunds up nearly 15% from the same period in 2025, providing cushioning for consumer spending. On the earnings front, HSBC believes that global corporate earnings prospects are more decisive than geopolitical situations.