As we look ahead, the financial markets are at a critical juncture: the end of the tightening cycle is upon us, while economic indicators in the US and Asia remain largely constructive. The uneven and weaker-than-expected recovery in China has come as a negative surprise. But overall, the global macroeconomic backdrop should support risk-on sentiment and we continue to unlock opportunities by focusing on quality and fundamentals.

HSBC Perspectives Q3 2024 Shaping your investment portfolio Broadening global cyclical and rate tailwinds provide opportunities to put cash to work Market expectations for Fed rate cuts have been a wild ride, shifting from too enthusiastic in Q1 to quite conservative now due to stickier than expected inflation. As rate cuts are just a matter of time, we suggest locking in attractive bond yields. While the higher probability of a soft landing and better than expected Q1 earnings in the US support our bullish view on US equities, we see a richer set of opportunities across geographies and sectors, driven by broadening global cyclical and rate tailwinds. Mixed economic data, ongoing geopolitical conflicts and the upcoming US elections will create market volatility. To manage risks without compromising on the opportunities, the combination of global equity exposure and quality income from bonds is a good way to position your portfolio. What does this mean for your portfolio? Join our Global Chief Investment Officer, Willem Sels, for a closer look.   Watch the Q3 2024 HSBC Perspectives video   Read our latest HSBC Perspectives to get the full picture and explore our four investment themes where we see the best opportunities:     1. Look beyond the US to capture equity upside       2. Unlock opportunities across sectors amid rate cuts and structural tailwinds           3. Lock in yields now to secure solid income streams       4. Position for sustainable growth with clean energy and biodiversity     We’ve also included two feature articles focusing on moving cash into bonds and future consumer trends, which tie in well with our investment themes. Enhance client conversations with a tailored RM Pack The enclosed RM pack aligns the four investment themes with our house views and provides product fulfilment ideas, making it easier for our frontline colleagues to conduct fruitful conversations with clients and assist them in making informed investment decisions. Yours faithfully, Willem Sels Global Chief Investment Officer HSBC Global Private Banking and Wealth     Please follow your local governance for further usage and distribution. All product information is for illustrative purposes only. For more information, please contact the Global or Local Wealth Insights teams.