HSBC strategists halve their exposure to US equities.

HSBC strategists have halved their exposure to U.S. equities and increased their investments in emerging markets and Europe, citing strong economic conditions and growth in key cyclical indicators such as consumer spending and manufacturing over the past two months. "We are actively positioning ourselves in line with this stronger cyclical growth trend and have increased our holdings in non-U.S. equities," the strategists stated. They believe that positive technical indicators, positioning, and market sentiment will offset volatility stemming from concerns about geopolitics, trade, and artificial intelligence. Year-to-date, the S&P 500 is up 1.5%, while global equity indices excluding U.S. stocks are up 11%, and emerging market benchmarks are up 15%. (Jinshi)