Equity market outlook focusing on value over growth (with Carol Masser, Tim Stenovec)

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RUT

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Metals

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HSBC 8.0
Investment Bank $1686.00B
Raquel Oden 7.5

Equity market outlook focusing on value over growth (with Carol Masser, Tim Stenovec)

yields

HSBC expects no Fed cuts this year - taking extreme view. Explicit no-cuts view combined with concern about oil price inflation suggests yields may remain elevated or rise.

3/11/2026 1:03:49 PM	medium term cautious up	20 days later	+1.08%	+0.54%
2/19/2026 6:16:02 PM	short term cautious up	5 days later	-0.93%	-0.47%
1/30/2026 1:43:29 PM	medium term up	21 days later	-5.75%	-5.75%
12/22/2025 2:42:18 PM	medium term up	20 days later	+0.43%	+0.43%
12/6/2025 1:57:50 AM	medium term up	21 days later	-1.34%	-1.34%
8/29/2025 2:18:19 PM	short term cautious down	6 days later	-5.40%	+2.70%

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Asks how to factor in Iran war and energy market disruption for investment management.

Carol Masser
Raquel Oden

Short-term markets follow headlines (volatility), long-term follow corporate earnings. Bullish on US equities with 13-15% earnings growth predicted for 2026.

2026 is year of value - Mag 7 repricing opportunity, forgotten 493 companies outside Mag 7 predicted to grow earnings from 6% to ~15%.
Asks how higher gas prices (up 33% since Jan 14) affect earnings if consumers feel strapped.

Tim Stenovec
Raquel Oden

Individual consumer story different from corporate. Gas prices higher, tariffs unresolved, Fed decisions pending, AI impacting labor market - need active management to pivot sectors.

Some sectors more impacted by oil, AI, or tariffs than others.
Asks about margin pressure from higher energy prices and AI efficiency gains potentially reducing workforce.

Carol Masser
Raquel Oden

Labor markets will be impacted by AI, oil prices, tariffs. Recent unemployment concentrated in healthcare, not broad-based, which is concerning.

Small business owner and individual feeling pain differently than corporations.
Asks about lingering geopolitical volatility even if war ends tomorrow.

Carol Masser
Raquel Oden

Geopolitical unknown keeps people up at night. Oil price shock (20-30% in week) is lot for consumer. Need to get oil prices under control.

Whether war ends tomorrow is big unknown affecting gas prices.
Asks about Fed cutting rates given market resilience but individual pain.

Tim Stenovec
Raquel Oden

HSBC expects no Fed cuts this year - taking extreme view. New Fed chair adds uncertainty.

Market was pricing only 24 basis points of cuts recently, not even one full cut.

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