Buy the rumour, buy the fact Multi-Asset Strategy

Research evidence excerpt

Buy the rumour, buy the fact Multi-Asset Strategy

12 May 2026

Multi-Asset Strategy

Global Buy the rumour, buy the fact

◆ We remain max OW equities and OW EMD and HY credit – Max Kettner*, CFA

our sentiment and positioning framework isn’t flashing sell yet Chief Multi-Asset Strategist

HSBC Bank plc

maximilian.l.kettner@hsbc.com

◆ Systematic positioning has some ways to go – so any +44 20 7991 5045

incrementally positive Middle East news flow is still supportive Duncan Toms*, CFA

Multi-Asset Strategist

◆ In FI, we remain most UW in USTs, especially against EGBs – HSBC Bank plc

duncan.toms@hsbc.com

upside risks to US growth could be the next catalyst +44 20 7991 3025

Harriet Smith*, CFA

Still max OW equities Analyst, Multi-Asset Strategy HSBC Bank plc

We remain aggressively risk-on in our tactical asset allocation, with a max OW in harriet.smith@hsbc.com

+44 20 7992 0164

global equities (US and Asia), a more-than-double OW stance in (local) EMD and an

Jayasankar Mallisetty*

OW in HY credit. Within DM rates, our preference is also unchanged for EGBs over Multi-Asset Strategist

JGBs and USTs (see The last innings, 28 Apr). HSBC Securities and Capital Markets (India) Private

Limited

jayasankar.mallisetty@hsbc.co.in

Sentiment and positioning not stretched yet +91 80 30012660

We think calls for ‘buy the rumour, sell the fact’ with regard to the Middle East conflict Mark McDonald

are misplaced. Our aggregate sentiment and positioning framework isn’t sending a Head of AI and Data Science HSBC Bank plc

sell signal yet. Most notably, we think systematic strategies have some further room mark.mcdonald@hsbcib.com

+44 20 7991 3119

to buy. So any potential further supportive news flow from the Middle East may well

lift risk assets and lead to a more broad-based equity rally again.