HSBC stays bullish on U.S., Asian stocks as earnings and positioning support risk assets

HSBC remains at its highest bullish allocation to global equities, including U.S. and Asian stocks, rejecting calls for profit-taking after easing Middle East tensions, according to strategist Max Kettner in a May 14, 2026, Investing.com report. Kettner said HSBC’s sentiment and positioning models have not issued a sell signal and argued that markets have not fully priced in positive developments. He said systematic trading strategies still have room to add exposure, while relatively light positioning should limit downside if negative headlines emerge. HSBC maintains a “maximum overweight” in global equities, more than double overweight in emerging-market local-currency bonds and an overweight in high-yield credit. It remains most bearish on U.S. Treasurys, particularly relative to European government bonds. HSBC cited strong first-quarter earnings, including an 11% sequential rise in S&P 500 net income excluding technology, and said no U.S. tech company missed EPS estimates. The firm favors European duration over U.S. duration and U.S. consumer discretionary stocks over European peers.