HSBC Asset Management argues resilient corporate profits and policy buffers have offset oil-price and bond-yield shocks, though mega-cap earnings momentum is fading. It also flags emerging-market debt's new resilience and advocates a Total Portfolio Approach to diversification.
HSBC Asset ManagementInvestment Weekly
6 NOVEMBER 2026
BNP Paribas Asset Management's Daniel Morris argues that US election outcomes have limited market impact unless one party controls the presidency and Congress entirely. He maintains a constructive equity outlook despite a tech sell-off tied to data-centre buildout concerns.
US midterm elections flipping Congress triggered a selloff in AI-linked and semiconductor stocks over datacenter growth concerns, while strong payrolls data lowered odds of a December Fed hike. MFS's Jamie Coleman reviews a week marked by falling oil prices, rising volatility, and global central bank action.
5 NOVEMBER 2026
BNP Paribas Asset Management's Charles Cresteil and Anthony Desrousseaux explain how active managers exploit bond-level mispricing, issuer comparisons and market dislocations to generate alpha without duration or credit beta bets. A systematic multi-factor process combining valuation, quality, momentum and technical signals aims for modest, repeatable outperformance while controlling tracking error.
3 NOVEMBER 2026
Weak high-yield credits are under pressure from AI-related financing concerns, while the Fed, ECB and Bank of Japan held rates steady amid yield-curve steepening and renewed French political risk. Oil prices rose on Houthi attacks on Saudi Arabia, though bond markets reacted calmly.
The UK's 2025 Budget averts immediate market disruption but leaves major spending pledges unfunded, suggesting further tax rises and household strain ahead. Michael Browne warns an early UK election is more likely than markets currently price into gilts.
2 NOVEMBER 2026
BlackRock's iShares reports European UCITS ETP inflows moderated to $9.3bn as US equity demand rebounded sharply while sector flows favoured Health Care and Technology and Investment Grade bonds overtook government debt.
US equities fell for a third straight week as AI-sustainability worries overshadowed strong Q3 earnings beats, while the Fed held rates steady amid accelerating GDP growth and rising inflation, Guggenheim's Michael Schwager notes.
The Fed, ECB and BoJ held rates steady but are expected to hike again in December as inflation persists, with the BoE likely to follow this week. The authors favour long-duration positioning in the US and selective exposure across European curves amid growth risks.
PGIM outlines three 12-month AI-buildout scenarios—Steady Buildout (50%), Constrained Build (30%) and AI Unwind (20%)—mapping capex, Fed policy and credit-market implications, while reviewing this week's rates, credit, EM and securitized market moves.
State Street Investment Management reports central banks diverging in late October: the Fed and ECB hold rates steady while the Bank of Canada delivers an 'insurance' hike and the BoJ maintains a hawkish bias. It expects further RBA tightening toward a 5% cash rate and continued US growth driven by AI-related investment despite a widening trade deficit.
State Street Investment Management argues that the US Treasury's growing reliance on bill issuance to fund rising deficits is straining repo markets and pushing the Federal Reserve toward larger balance-sheet purchases to maintain rate control. It recommends defensive short-duration positioning until investors are better compensated for absorbing additional long-term Treasury supply.
Anthony Willis argues the UK Budget was a non-event, deferring major fiscal decisions to next year's Spending Review while growth remains weak and welfare costs balloon. He says clarity on defence funding, EU ties and the PM's growth plan will matter more to investors.
Central banks in the US, eurozone and Japan held interest rates steady despite persistent inflation, while US GDP growth accelerated and corporate earnings beat expectations. The roundup also marks the 40th anniversary of London's
BlackRock's Jean Boivin argues AI earnings scrutiny is intensifying as capex squeezes free cash flow, prompting a U.S. equity downgrade to neutral while keeping EM equities overweight on AI-buildout bottlenecks.
1 NOVEMBER 2026
AllianceBernstein reports municipal bonds rallied again as Treasury flight-to-quality and tax-loss harvesting flows boosted demand, while shrinking net supply into year-end and disciplined 2027 state budgets support a favourable technical and credit backdrop.
