HSBC’s global investment chief warns of ‘false rallies’ for stocks, reveals how investors can spot the true start of a new bull run, and offers his take on the housing market

• The global economy has a lot going on, from rising rates in the US to a war in Ukraine.
• Deciding how to allocate investment capital against this backdrop is a very complex task.
• Insider spoke to HSBC’s global CIO Willem Sels to get his take on what’s next for markets. 

The global economy has a lot going on right now. There are rising rates in the US, a spiking dollar, inflation around the world, a war continuing in Ukraine, an energy crisis in Europe and tension over Taiwan.

That’s just the start of it. This all means those tasked with managing investment portfolios have their work cut out. 

Among those responsible for vast sums of client money is Willem Sels, the global chief investment officer at HSBC.