After a lapse of two weeks, the HSBC strategist once again turned bullish on stocks after just reducing their exposure to stocks. They judged that the sharp correction in technology stocks was sufficient, so they increased their positions in US stocks and Asian stocks and reduced their holdings of treasury bonds. The team led by Max Kettner once again surpassed US stocks and Asian stocks, maintained a low ratio of Europe, and reversed some of the cautious positions of two weeks ago. Anthropic's IPO and Nvidia's earnings report will be a key test for AI and technology stocks that have recently suffered a severe setback, the team said. They downgraded US Treasury bonds from “strong overallocation” to neutral, on the grounds that the US economy and employment data are improving, and the Fed's policy stance is more hawkish. “The rise in US short-term and long-term treasury bonds has gone too far.”

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