# HSBC's global multi-asset team said it was "still turbo bullish despite the Middle East conflict" The team has cut an overweight position in European equities, and extended an overweight to U.S. stocks.

*fintech · news · 2026-04-29 · CNBC*

## Key points

- HSBC has shifted its equities overweight from Europe to the U.S. ahead of Big Tech earnings.
- U.S. tech companies now account for over half of the upward earnings revisions, per HSBC.
- HSBC maintains a 'max bullish' stance on U.S. stocks despite ongoing Middle East conflicts.
- A 10% energy price rise could cut EBITDA by up to 7% in sensitive sectors, HSBC warns.
- HSBC upgraded the basic materials sector to overweight, citing lower commodity input cost exposure.

**Companies:** Microsoft, Amazon, Alphabet, Meta, Apple, HSBC
**Countries:** United States, Iran, United Kingdom

[Read the full story on CNBC](https://www.cnbc.com/2026/04/29/hsbc-is-turbo-bullish-even-as-the-iran-war-drags-on-.html)

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