HSBC's Max Kettner on the market's strong 'buy' signals

• A 'first proper buy signal' for broader risk assets has been triggered, driven by systematic and discretionary positioning, particularly around hedging.
• Kettner believes the market low is likely in, referencing the S&P 500's recent low.
• Upcoming core CPI data is crucial; a strong print (0.4% or 0.5%) could push 10-year Treasury yields into a 'danger zone' (around 4.5%), negatively impacting all risk assets.

HSBC's Chief Multi-Asset Strategist, Max Kettner, expresses a bullish outlook for risk assets, citing strong 'buy' signals from systematic and discretionary positioning, suggesting the market low is in. He cautions that a hot core CPI print could push Treasury yields into a 'danger zone,' potentially impacting all risk assets.