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Geopolitical··Severity 6

HSBC’s Kettner Sees Risk of Pullback in Stocks Before Midterms

Equity investors should look to reduce some exposure after this earnings season, according to HSBC Holdings Plc’s Max Kettner, who warns that stretched sentiment, a fading fiscal impulse, and US midterm election uncertainty could trigger a pullback.

Scenario chain

Probabilities below are model estimates based on the event chain, horizon, and indicators. They are not outcome guarantees, investment advice, or emergency instructions.

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35%

Forecast derived from cascade analysis. Watch confirmation indicators below.

Primary source: Bloomberg Markets

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