Equity investors should look to reduce some exposure after this earnings season, according to HSBC Holdings Plc’s Max Kettner, who warns that stretched sentiment, a fading fiscal impulse, and US midterm election uncertainty could trigger a pullback.
Source: [Bloomberg Markets](https://www.bloomberg.com/news/articles/2026-07-21/hsbc-s-kettner-sees-risk-of-pullback-in-stocks-before-midterms)