Renewed tensions

Research evidence excerpt

Renewed tensions

15 July 2026

Renewed tensions Multi-AssetGlobal Strategy

Multi-Asset Strategy

◆ Once again oil prices rise on renewed Middle East tensions, but Max Kettner*, CFA

this doesn’t affect our bullish view on risk assets Chief Multi-Asset Strategist

HSBC Bank plc

◆ FX is less sensitive so far while front-end RV re-pricing offers maximilian.l.kettner@hsbc.com+44 20 7991 5045

good entry points – we stick to preference of EU vs US duration Duncan Toms*, CFA

Multi-Asset Strategist

◆ Lower-than-expected US inflation for June shuts the door for HSBC Bank plc

duncan.toms@hsbc.com

July hike and is the first sign of a ‘US exceptionalism unwind’ +44 20 7991 3025

Harriet Smith*, CFA

If you appreciate our research, please consider voting in this year’s Global Fixed Analyst, Multi-Asset Strategy

Income Research Extel survey (Economics/Strategy – Cross Asset Strategy). harriet.smith@hsbc.com

+44 20 7992 0164

In our H2 outlook (8 Jul) we wrote that geopolitics is now firmly in the rear view mirror Jayasankar Mallisetty*

– just for the Middle East conflict to make a sudden comeback. In the coming days, Multi-Asset Strategist

HSBC Securities and Capital Markets (India) Private

the renewed escalation may well dominate the headlines. Limited

jayasankar.mallisetty@hsbc.co.in

But we don't see sufficient reason to change our views: +91 80 30012660

1. Our view on risk assets is not affected by this renewed escalation. We see the Q2 Mark McDonald

Head of AI and Data Science

reporting season as a much more important driver. Despite the narrative of high HSBC Bank plc

consensus expectations for the US, sequential q/q earnings growth expectations mark.mcdonald@hsbcib.com

+44 20 7991 3119

are still pretty low (ex energy/materials q/q bottom-up consensus net income

Shiva Joon, CFA