HSBC’s private banking arm has gone overweight US stocks and neutral on those in Europe, flipping its view from earlier this year after a breezy round of earnings from US tech companies.
The country’s tech giants defied a recent sense of gloom on Wall Street to deliver first-quarter earnings that mostly showed strong growth despite President Donald Trump’s disruptive trade policies. That cemented the private bank’s enthusiasm for stocks that are likely to benefit from the artificial intelligence boom, according to Willem Sels, global chief investment officer at HSBC Global Private Banking and Premier Wealth.