9 October 2025 THIS CONTENT MAY NOT BE DISTRIBUTED TO MAINLAND CHINA HSBC Global Macro Strategist Multi-Asset Global US growth divide, fiscal fragilities, EM in ascendancy In this regular report, we bring together top themes and our best ideas across asset classes and geographies. HSBC Global Macro Strategist also complements our multi- asset efforts on asset allocation with actionable trades; to subscribe please click here Theme 1: US growth divide: This theme has recently emerged in our client conversatio ...