全球-投资策略-全球多资产投资策略.docxVIP

J▼卜 HSBCGlobal Research 5 March 2019 Multi-Asset GlobalOur proprietary indicators are giving signs of caution which might question the sustainability of the risk asset rally We still hold the view that risk assets will outperform on a three to six month horizon, and we prefer equities over creditWe summarise HSBCs key macro and strategy views, and provide an update of our quantitative indicators Part I: Global directionSince our last publication (Scaling upt 25 Jan 2019), risk assets have performed strongly. Global equities are up 4.5%, IG credit spreads have tightened and EM assets are also r