Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Edge, Chrome, Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser.

See how to update your browser

Investment Weekly

Stocks since ‘liberation day’
09 May 2025

    Chart of the week – Stocks since ‘liberation day’

    Chart of the week – Stocks since ‘liberation day’

    It took five weeks, but US stocks have finally recovered from the global market sell-off sparked by the ‘liberation day’ tariff proposals in early April. The relief rally has played out amid falling volatility, still-high valuations and profits expectations, tighter credit spreads, and a sense of calm in Treasury bonds. Put together, it suggests that recession isn’t priced anywhere in investment markets right now. But policy uncertainty remains ultra-high, and the July deadline to restore reciprocal tariffs still looms. So, what has driven this rebound?

    More from this week:

    Market Spotlight

    • An investment (h)edge

    Lens on…

    • Plaza 2.0 by stealth
    • Mexico as a safe harbour?
    • Still a Buffet favourite

    Read the full commentary PDF, 532KB