Investment strategy 4
Upgrade cycle to continue 4
The view 19
Continuing with a beta bias 19
HSBC country and sector recommendations 20
Betas 22
Super Ten 26
Super Ten 27
Data pack 29
Regional Performance 30
Major indices performance 31
Regional performance 33
Supersectors and selected cyclicals: price relatives 34
Growth Indicators 35
Earnings and Valuation - Aggregations 36
Revisions ratios: I/B/E/S consensus data (FTSE
World indices) – upgrades as percentage of all
revisions 43
Monetary Conditions 44
Liquidity and Market Conditions 45
Disclosure appendix 49
Disclaimer 51
We acknowledge the efforts of Joseph Turner– Equity
Strategy research assistant – in the production of this report.