Oil has risen by 40% while the technology sector is declining, creating an atypical market context. HSBC and its strategists, led by Max Kettner, are advising a « maximum overweight » position on equities. Global equities are trading only about 1% below their June record highs. Credit markets show no significant signs of distress. According to HSBC, « nothing seems to shake this market, » justifying this bullish stance on risk assets.
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