Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Edge, Chrome, Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser.

See how to update your browser

Investment Weekly

Sector rotation in 2026
20 February 2026

    Chart of the week – Sector rotation in 2026

    Chart of the week – Sector rotation in 2026

    This week we consider why the ‘investment clock’ – a usually useful way of visualising how the evolving economic cycle influences equity market behaviour – appears to have gone haywire in 2026, and is sending mixed signals about where we are in the investment cycle.

    Market Spotlight

    • Diggin’ the diggers

    Lens on…

    • Bonds are back – for now
    • Null and void
    • Winning ways

    Read the full commentary PDF, 3.35MB