HSBC Private Bank and Premier Wealth has downgraded emerging Asian equities and slashed exposure to India, while raising allocations to gold, cash and hedge funds on Iran war risks and oil price shocks.
“We have reviewed our allocation to limit the excessive risk,” said Patrick Ho, the bank’s chief investment officer for North Asia, pointing to rising uncertainty tied to Middle East tensions, energy security concerns and shifting global capital flows. The firm is looking at “which market or segment will suffer if the risk scenario develops and turns into reality.”