HSBC's Kettner Flips To Caution On Stocks Before US Midterms
Max Kettner reversed course weeks after calling hyperscaler stocks part of a market 'melt-up,' now telling clients to cut risk before November's midterms.
- Kettner, HSBC's chief multi-asset strategist, told Bloomberg to reduce risk ahead of the midterm vote.
- On July 6 he called hyperscaler stocks part of a market 'melt-up' amid AI spending.
- On July 17, four days earlier, he called himself 'really constructive' on global equities.
Why it matters: A forecast that turns with the election calendar, not the fundamentals cited days earlier, prices politics.