汇丰：年中展望_多资产方向

11 June 2025 Mid-year outlook Multi-Asset Multi-Asset Direction H1 = uncertainty = risk-off in H2? H1 has been all about high levels of uncertainty, whether among companies, central banks or in politics. But when looking at past spikes in economic policy uncertainty, we find that risk assets typically rebound rather than suffer further. What's the next catalyst? One of the most frequent questions we're currently getting is what the next upside catalyst will be. Persistently subdued sentiment and positioning ...