Investment Monthly: Policy uncertainty weighs on US equities

Key takeaways

Amid higher policy uncertainty and an uptick in near-term inflation expectations driven by tariffs, we downgrade US and global equities to neutral and continue to broaden our sector exposure to IT, Communications, Financials, Industrials and Healthcare outside of the Magnificent-7 stocks. We leverage multi-asset strategies and quality bonds to balance risks and opportunities in the current environment and use gold tactically to enhance diversification.

We have increased our exposure in Asia with overweight positions in China, India, Singapore and Japan, while the UAE also offers attractive opportunities. With more supportive policies towards AI-led innovation, consumption and the private sector, we raised our China’s GDP growth forecast to 4.8% for 2025.

While DeepSeek’s breakthrough has aroused optimism in the tech space, we believe the downstream AI adopters and applications can better capture the opportunities than the semiconductor and hardware players in Asia, leading us to downgrade Asian IT to neutral and upgrade Consumer Discretionary to overweight. Communications Services should also be a beneficiary with its exposure to the internet, telecom and cloud industries, while Industrials can benefit from the rising demand for digital infrastructure. Asian Financials offer attractive valuations and dividend yield.

https://www.hsbc.com.my/wealth/insights/asset-class-views/investment-monthly/policy-uncertainty-weighs-on-us-equities/

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发布日期: Mon, 31 Mar 2025, 12:02 PM

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頂級劵商

georgemiller

发布日期: Mon, 31 Mar 2025, 12:02 PM

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