# HSBC upgraded its stance on U.S.

*fintech · news · 2026-04-28 · The Globe and Mail*

## Key points

- HSBC upgraded U.S. equities to 'overweight' due to strong earnings momentum and easing geopolitical risks.
- HSBC downgraded Europe ex-UK equities to 'neutral,' citing weak activity and vulnerability to higher energy prices.
- 84% of U.S. companies reporting Q1 earnings so far have beaten expectations by an average of 12%.
- Announced S&P 500 buybacks have reached $430 billion year-to-date, up 20% from last year.
- HSBC upgraded global Basic Materials to 'overweight' and downgraded global health care and industrials to 'neutral.'

**Companies:** BlackRock, Citigroup, HSBC
**Countries:** United States, United Kingdom

[Read the full story on The Globe and Mail](https://www.theglobeandmail.com/investing/article-hsbc-turns-bullish-on-us-equities-citing-earnings-momentum/)

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