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HSBC Global Strategy Portfolios Q2 2026
Geopolitics remained the dominant driver of markets in Q2, but the narrative shifted from escalation to relief after the US and Iran agreed an interim peace deal and traffic through the Strait of Hormuz gradually resumed. Global equities rose +14.2% in GBP terms, delivering one of their strongest quarterly gains since 2020. The rally was led by the US (+15.0%) on exceptionally strong Q1 earnings particularly in the technology sector and by Europe ex UK (+12.3%), while the UK (+3.4%) and Pacific ex Japan (+3.1%) lagged. Emerging markets (+23.3%) outperformed developed markets (+13.0%), supported by strong performance in South Korea and Taiwan as demand surged for high bandwidth memory and advanced semiconductor companies.
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