Kimi, momo & some warnings signs: Multi-Asset Bulletin

Research evidence excerpt

Kimi, momo & some warnings signs: Multi-Asset Bulletin

20 July 2026

Kimi, momo & some warnings signs Multi-Asset Global

Multi-Asset Bulletin

◆ Risk assets weakness confined largely to semis and Asia… Max Kettner*, CFA

Chief Multi-Asset Strategist

◆ …and the momo unwind shouldn’t trigger a broad-based sell-off HSBC Bank plc

maximilian.l.kettner@hsbc.com

◆ But we see some proper warnings signs emerging now +44 20 7991 5045

Duncan Toms*, CFA

Multi-Asset Strategist

If you appreciate our research, please consider voting in this year’s Global Fixed HSBC Bank plc

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

+44 20 7991 3025

Positioning-driven washout Harriet Smith*, CFA

Last week’s release of mainland China-based Moonshot’s Kimi K3 model triggered Analyst, Multi-Asset Strategy

HSBC Bank plc

another wave of selling, particularly in Asia. The fact that popular market segments, harriet.smith@hsbc.com

such as Japan banks, came under pressure as well, or Indian equities – a popular +44 20 7992 0164

short in the last few months – rose 1.5% in the last three days suggests we’re seeing Jayasankar Mallisetty*

a broad-based positioning washout. HSBC Securities and Capital Markets (India) Private Limited

jayasankar.mallisetty@hsbc.co.in

Momo unwind won’t spill over into other risk assets +91 80 30012660

However, we still believe this momo (momentum) sell-off will largely remain an Mark McDonald

Head of AI and Data Science

idiosyncratic issue and not morph into a broad-based risk-off backdrop. Global equities HSBC Bank plc

are only 1.5% off the all-time high. USD and EM HY spreads are only some 15bp off mark.mcdonald@hsbcib.com

+44 20 7991 3119

the post-GFC tights. In this week’s Spotlight, we look at previous momo sell-offs And,