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Stocks•21 April 2026•

1 min read

HSBC: Corporate Earnings and Tech Momentum Outweigh Geopolitical Risks

Key Facts

1HSBC's Max Kettner argues that improving earnings and strong tech momentum support further equity gains.

2Equities have been slower than usual to recover from conflict-driven volatility, but light investor positioning leaves scope for gains.

HSBC strategist Max Kettner has maintained a bullish outlook on global equities, arguing that improving corporate earnings remain the primary driver for market performance. According to the bank, strong momentum within the technology sector provides sufficient support for continued gains, even amidst ongoing geopolitical tensions between the US and Iran. While equities have been slower than usual to recover from conflict-driven volatility, HSBC notes that light investor positioning leaves significant scope for further growth. The report emphasizes that fundamental earnings strength is a more critical factor for the market's trajectory than transient geopolitical fears. Consequently, HSBC expects these fundamental drivers to propel the next leg of the global market rally. Investors are encouraged to prioritize balance sheet strength and earnings growth as key indicators for the upcoming period.