# HSBC upgraded its stance on U.S. equities to "overweight" from "neutral" Earnings momentum and easing geopolitical risks turned the narrative ‌back towards fundamentals.

*business · news · 2026-04-28 · Reuters*

## Key points

- HSBC upgraded U.S. equities to 'overweight' citing strong earnings momentum and reduced geopolitical risks.
- HSBC downgraded Europe ex-UK to 'neutral' due to weak activity and vulnerability to higher energy prices.
- 84% of U.S. companies reporting Q1 earnings have beaten expectations by an average of 12%.
- 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 health care and industrials to 'neutral'.

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

[Read the full story on Reuters](https://www.reuters.com/business/hsbc-turns-bullish-us-equities-citing-earnings-momentum-2026-04-28/)

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