Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Internet Explorer, Google Chrome, Apple Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser. 

See how to update your browser

Reality check

Multi-asset House views
01 April 2019
    Read in PDF formatEnglish, PDF, 1.26MB
    Print this article

    At the beginning of the year, we believed that market fears about recession were unwarranted and that, as contrarian investors, we should lean against growth pessimism by owning risk asset classes. We argued that the economic system was going “back to reality” but that we were only facing a “cyclical slowdown” toward trend growth, rather than a more severe shock. Sure, there was ongoing political uncertainty which could spur episodic volatility in markets. But we thought the outlook for beaten-up risky asset classes looked particularly good.