---
title: "Fears around a market rotation into broader risk-off are overdone – HSBC"
description: "HSBC's Chief Multi-Asset Strategist, Max Kettner, believes fears of a market rotation leading to a broader risk-off environment are exaggerated. He points out that the S&P 500 remains near record high"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276154918.md"
published_at: "2026-02-17T18:05:16.000Z"
---

# Fears around a market rotation into broader risk-off are overdone – HSBC

> HSBC's Chief Multi-Asset Strategist, Max Kettner, believes fears of a market rotation leading to a broader risk-off environment are exaggerated. He points out that the S&P 500 remains near record highs despite sector pullbacks, indicating a strong bull market. Kettner highlights that historical trends show similar situations did not result in major market declines. He suggests opportunities in sectors like retail, transport, homebuilders, and regional banks, and remains optimistic about European and Japanese banks. Kettner also downplays concerns about the U.S. dollar's stability, noting its range-bound performance.

Fears that the current market rotation will spiral into a broader “risk-off” environment are significantly overblown, according to HSBC Chief Multi-Asset Strategist Max Kettner. In an interview with CNBC, Kettner noted that despite notable pullbacks in certain sectors, the S&P 500 (SP500) remains near record highs, suggesting the underlying bull ma...

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.