Xin Lang Cai Jing·2026-02-27 10:42Group 1 - HSBC has significantly reduced its exposure to US equities, shifting investments towards emerging markets and Europe [1] - The bank's Chief Multi-Asset Strategist, Max Kettner, believes that the cyclical momentum of economies outside the US is stronger, and it is currently difficult to reverse the bearish narrative surrounding AI in the market [1] - In Europe, HSBC favors industrial stocks due to increased defense spending and strong metal demand, while also showing optimism towards bank stocks [1] Group 2 - HSBC continues to maintain a "Risk On" stance, as key cyclical indicators such as consumer spending and manufacturing have shown improvement over the past two months [1] - The bank has ended its tactical overweight in Japan and has ceased reducing its holdings in Japanese government bonds [1] - HSBC has also concluded its overweight position in UK government bonds [1]