HSBC: STAY ALL-IN ON RISK HSBC urges investors to remain aggressively risk-on, staying overweight equities, high-yield credit, emerging-market debt, and gold, while underweighting sovereign bonds, investment-grade credit, and oil. The bank says markets are driven by U.S. rates and growth—not geopolitics—and sees earnings expectations as too low. It recommends rotating from rate-sensitive high-beta stocks back to mega-cap tech. HSBC expects rate volatility to stay contained, supporting risk assets, especially U.S. stocks, Japan, eurozone banks, and emerging markets.(*Walter Bloomberg)