HSBC’s Kettner Says Stock Rally Can Cope With Rising Bond Yields

Stocks can rally further as a powerful recovery in earnings and still-low positioning levels outweigh the threat from rising bond yields, according to Max Kettner, chief multi-asset strategist at HSBC Holdings Plc.

A six-week surge has pushed the S&P 500 Index to record highs in defiance of rising oil prices caused by the Iran war and yields driven higher by inflation fears. That’s prompted concerns that the market may be overstretched, but Kettner said he is “max bullish” on equities.