Questions and feedback from the road GEMs Equity Strategy

研报英文原文证据摘录

Questions and feedback from the road GEMs Equity Strategy

23 June 2026

Questions and feedback EquityEmergingStrategyMarkets

from the road

GEMs Equity Strategy

◆ We highlight the key questions and feedback from investors Alastair Pinder, CFA

Head EM and Global Equity Strategist

◆ More caution on AI, with investors looking to rotate into HSBC Securities (USA) Inc.

alastair.pinder@us.hsbc.com

spillover beneficiaries +1 212 525 5972

Pankaj Agarwala*, CFA

◆ US-Iran ceasefire provides a sentiment boost; outside of Asia EM and Global Equity Strategist

HSBC Securities and Capital Markets (India) Private

discussion mainly focused on Brazil and GCC Limited

pankajagarwala@hsbc.co.in

+91 0 80 30013716

After two weeks of marketing across Europe we provide the key questions and Allison Buck

feedback from investors on EM equity markets. EM Equity Strategist

HSBC Securities (USA) Inc.

Question: What are the implications from the US-Iran MoU? The recent MoU allison.buck@us.hsbc.com +1 212 525 4119

between US and Iran signals de-escalation, compressing geopolitical risk premia and

should support risk assets. Uncertainty remains, but easing-sensitive EMs (Brazil, South * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

Africa, Türkiye), long-duration Asia (Korea, Taiwan) and the UAE should benefit the most. not registered/ qualified pursuant to FINRA regulations

Question: Is Korea in a bubble? Investors continue to ask whether a Korea rally can

continue and question whether this is an earnings bubble. Korea memory EPS relies on

ASP-led growth but HBM pricing looks supported by structural bottlenecks and long-term

contracts. The bigger risk is CXMT expanding conventional DRAM supply.

Question: What’s the impact of 2x levered single-stock ETFs? 2x leveraged