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HSBC strategist: more bullish on US stocks due to resilient earnings prospects.
Given that labor market data shows the economy is more cooling than on the brink of recession, HSBC strategists say that considering the resilient third-quarter profit outlook, they are increasing their overweight position in US stocks. The team led by Max Kettner said that surpassing the third-quarter profit expectations of the US corporate sector "doesn't seem difficult". In their report, they wrote that certain sentiment, position, and technical indicators are flashing contrarian buy signals. Note: According to Morgan Stanley, if the Fed aggressively cuts interest rates, closing arbitrage trades may pose a risk to US stocks. Note: RBC strategists believe that there is further downside potential in the US stock market.
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