The biggest pain trades: Multi-Asset Bulletin

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The biggest pain trades: Multi-Asset Bulletin

29 June 2026

Multi-Asset

Global The biggest pain trades

Multi-Asset Bulletin

◆ We remain undeterred in our pro-risk bullish stance, despite Duncan Toms*, CFA

recent scepticism toward the AI narrative Multi-AssetHSBC Bank plcStrategist

duncan.toms@hsbc.com

◆ As we look to H2, we highlight anti-consensus views that might +44 20 7991 3025

unwind or could occur in the coming months Max Kettner*, CFA

Chief Multi-Asset Strategist

HSBC Bank plc

◆ These pain trades include an explosive USD, UST steepening, maximilian.l.kettner@hsbc.com

the AI trade continuing unabated, and Europe outperforming +44 20 7991 5045

Jayasankar Mallisetty*

Multi-Asset Strategist

Last week saw renewed scepticism in the AI narrative. A multitude of reasons from HSBC Securities and Capital Markets (India) Private Limited

leveraged single-stock ETFs to a too hawkish Fed were apparent in explaining jayasankar.mallisetty@hsbc.co.in

+91 80 30012660

renewed Tech weakness. In our view, Micron’s earnings pours cold water over these

Harriet Smith*, CFA

narratives, showing hard evidence for an AI backdrop that is alive and healthy. Analyst, Multi-Asset Strategy

Yet excluding Micron’s post earnings rally, broader tech did not bounce back as might harriet.smith@hsbc.com

+44 20 7992 0164

have been expected. We are wary of how narratives can drive near-term market moves

Paul Mackel

even if fundamentals do not justify changing tack. For example, last year’s AI bubble Global Head of FX Research

narrative saw US semiconductors fall c.15%. But as AI bottlenecks become more The Hongkong and Shanghai Banking Corporation Limited

paulmackel@hsbc.com

evident than bubbles, we saw a much more aggressive rally (LHS chart, below). +852 2288 5523