HSBC’s Willem Sels has highlighted that accelerating adoption of artificial intelligence (AI), resilient economic growth, and broadening corporate earnings are supporting global equities as the market heads into the final quarter of 2026 [1]. The bank has recently increased its exposure to global stocks, with a preference for the US and Asia, while maintaining sector diversification [1]. Sels notes that Asia is a key beneficiary of global chip demand and is at the forefront of data centre expansion, playing a strategic role in the global AI supply chain. Additionally, AI adoption is boosting productivity worldwide, including in Europe [1].
Despite ongoing headline risks such as the unresolved situation in the Middle East, lingering inflation uncertainty, and the upcoming US mid-term elections, HSBC sees both risks and opportunities in the current environment [1]. The bank believes that earnings growth will continue to broaden beyond the technology sector and US stocks, with sectors like Financials, Materials, and Energy also benefiting from trends such as increased defence spending and US re-industrialisation [1].
HSBC’s multi-asset positioning includes not only equities but also bonds, where attractive real yields are seen as providing both income and portfolio resilience against market volatility [1]. The bank’s exposure to non-traditional assets, such as gold, infrastructure, and alternative assets, has served as a valuable counterbalance during periods of market uncertainty when equities and bonds have come under pressure. Among alternative assets, private assets are highlighted as offering a wider range of opportunities beyond public markets [1].
HSBC’s investment themes for the coming quarter are designed to help investors navigate a fast-changing world, with the team ready to assist in implementing these strategies [1].
CONCLUSION
HSBC maintains a positive outlook on global equities, driven by AI adoption and broadening earnings, while emphasizing diversification across regions and sectors. The bank also highlights the importance of bonds and alternative assets for portfolio stability amid ongoing market uncertainties. Investors are encouraged to consider a multi-asset approach to capture opportunities and manage risks in the current environment.