HSBC Reiterates Bullish US Equity View as Valuation Drop Reflects Rate Pressure

HSBC's argument effectively treats the valuation reset as a rate-driven repricing rather than a growth problem, which is why the bank can stay constructive even with weak breadth. That distinction matters most for anyone using breadth as a timing signal, since HSBC reads it as a contrarian setup rather than confirmation of deterioration. The open question is whether the improving growth and earnings expectations it cites can hold up if rate pressure persists.