This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is distributed by HSBC Continental Europe, HBAP, HSBC Bank (Singapore) Limited, HSBC Bank (Taiwan) Limited, HSBC Bank Malaysia Berhad (198401015221 (127776-V))/HSBC Amanah Malaysia Berhad (200801006421 (807705-X)), The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), HSBC Bank Middle East Limited, HSBC UK Bank plc, HSBC Bank plc, Jersey Branch, and HSBC Bank plc, Guernsey Branch, HSBC Private Bank (Suisse) SA, HSBC Private Bank (Suisse) SA DIFC Branch, HSBC Private Bank Suisse SA, South Africa Representative Office, HSBC Financial Services (Lebanon) SAL, HSBC Private banking (Luxembourg) SA and The Hongkong and Shanghai Banking Corporation Limited (collectively, the “Distributors”) to their respective clients. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer. HBAP has prepared this document based on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice. HBAP and the Distributors are not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HBAP and the Distributors give no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document. This document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You should not use or rely on this document in making any investment decision. HBAP and the Distributors are not responsible for such use or reliance by you. You should consult your professional advisor in your jurisdiction if you have any questions regarding the contents of this document. You should not reproduce or further distribute the contents of this document to any person or entity, whether in whole or in part, for any purpose. This document may not be distributed to any jurisdiction where its distribution is unlawful. The following statement is only applicable to HSBC Bank (Taiwan) Limited with regard to how the publication is distributed to its customers: HSBC Bank (Taiwan) Limited (“the Bank”) shall fulfill the fiduciary duty act as a reasonable person once in exercising offering/conducting ordinary care in offering trust services/business. However, the Bank disclaims any guaranty on the management or operation performance of the trust business.
\nThe following statement is only applicable to by HSBC Bank Australia with regard to how the publication is distributed to its customers: This document is distributed by HSBC Bank Australia Limited ABN 48 006 434 162, AFSL/ACL 232595 (HBAU). HBAP has a Sydney Branch ARBN 117 925 970 AFSL 301737.The statements contained in this document are general in nature and do not constitute investment research or a recommendation, or a statement of opinion (financial product advice) to buy or sell investments. This document has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the document you should consider its appropriateness to you, with regard to your objectives, financial situation, and needs.
\nImportant Information about the Hongkong and Shanghai Banking Corporation Limited, India (“HSBC India”)
\nHSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. HSBC India is a distributor of mutual funds and referrer of investment products from third party entities registered and regulated in India. HSBC India does not distribute investment products to those persons who are either the citizens or residents of United States of America (USA), Canada or New Zealand or any other jurisdiction where such distribution would be contrary to law or regulation.
\nMainland China
\nIn mainland China, this document is distributed by HSBC Bank (China) Company Limited (“HBCN”) and HSBC FinTech Services (Shanghai) Company Limited to its customers for general reference only. This document is not, and is not intended to be, for the purpose of providing securities and futures investment advisory services or financial information services, or promoting or selling any wealth management product. This document provides all content and information solely on an "as-is/as-available" basis. You SHOULD consult your own professional adviser if you have any questions regarding this document.
\nThe material contained in this document is for general information purposes only and does not constitute investment research or advice or a recommendation to buy or sell investments. Some of the statements contained in this document may be considered forward looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. HSBC India does not undertake any obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investments are subject to market risk, read all investment related documents carefully.
\n© Copyright 2025. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED.
\nNo part of this document may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\nImportant information on sustainable investing
\n“Sustainable investments” include investment approaches or instruments which consider environmental, social, governance and/or other sustainability factors (collectively, “sustainability”) to varying degrees. Certain instruments we include within this category may be in the process of changing to deliver sustainability outcomes.\nThere is no guarantee that sustainable investments will produce returns similar to those which don’t consider these factors. Sustainable investments may diverge from traditional market benchmarks.
\nIn addition, there is no standard definition of, or measurement criteria for sustainable investments, or the impact of sustainable investments (“sustainability impact”). Sustainable investment and sustainability impact measurement criteria are (a) highly subjective and (b) may vary significantly across and within sectors.
\nHSBC may rely on measurement criteria devised and/or reported by third party providers or issuers. HSBC does not always conduct its own specific due diligence in relation to measurement criteria. There is no guarantee: (a) that the nature of the sustainability impact or measurement criteria of an investment will be aligned with any particular investor’s sustainability goals; or (b) that the stated level or target level of sustainability impact will be achieved.
\nSustainable investing is an evolving area and new regulations may come into effect which may affect how an investment is categorised or labelled. An investment which is considered to fulfil sustainable criteria today may not meet those criteria at some point in the future.
\n"},"learning-about-esg-2-2":{"name":"Hamid Boustanifar & Young Dae Kang (2022) ","anchor":"hamid-boustanifar-young-dae-kang-2022","html":"Hamid Boustanifar & Young Dae Kang (2022) Employee Satisfaction and Long-Run Stock Returns, 1984–2020, Financial Analysts Journal"},"learning-about-esg-2-1":{"name":"Alex Edmans","anchor":"alex-edmans","html":"Alex Edmans, Journal of Financial Economics, 2011"},"why-esg-matters-03-05":{"name":"The Powerful Thinking Guide","anchor":"the-powerful-thinking-guide","html":"The Powerful Thinking Guide: Smart Energy for Festivals and Events, 2017."},"why-esg-matters-03-01":{"name":"Liceaga A.M","anchor":"liceaga-a-m","html":"Liceaga A.M., Processing insects for use in the food and feed industry, Current Opinion in Insect Science, 2021"},"why-esg-matters-03-02":{"name":"IFPI","anchor":"ifpi","html":"IFPI Global Music Report 2025."},"why-esg-matters-03-03":{"name":"Live Nation","anchor":"live-nation","html":"Live Nation Entertainment Second Quarter 2025 Results."},"why-esg-matters-03-04":{"name":"PwC","anchor":"pwc","html":"PwC, Global Entertainment and Media Outlook 2023-2027."},"live-plus-bonus-cap":{"name":"live-plus-bonus-cap","anchor":"live-plus-bonus-cap","html":"Bonus Cashback is capped at RM30 for each Spend Category (dining, shopping, entertainment) per statement month. The maximum Bonus Cashback amount given is RM90 per statement month. Bonus Cashback is subject to minimum spending requirement. Base Cashback is unlimited and has no minimum spending requirement.
\nOther terms and conditions for HSBC Live+ Credit Card Programme (PDF) apply.
\n"},"live-plus-welcome-tcs":{"name":"live-plus-welcome-tcs","anchor":"live-plus-welcome-tcs","html":"Terms and conditions for HSBC Live+ Credit Card Digital Acquisition 2024 (PDF) apply."},"biodiversity-and-health-7":{"name":"biodiversity-and-health-7","anchor":"biodiversity-and-health-7","html":"'Connecting Global Priorities: Biodiversity and Human Health: A State of Knowledge Review’, CBD, WHO, UNEP, 2015"},"biodiversity-and-health-8":{"name":"biodiversity-and-health-8","anchor":"biodiversity-and-health-8","html":"Global Biodiversity Outlook 5 2011-2020, UN Environmental Program, Conventions on Biological diversity"},"biodiversity-and-health-5":{"name":"biodiversity-and-health-5","anchor":"biodiversity-and-health-5","html":"‘Clean water’, Our World in Data, 2019"},"investment-outlook-dis":{"name":"Disclaimer","anchor":"disclaimer","html":"This document or video is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document or video is distributed and/or made available, HSBC Bank (China) Company Limited, HSBC Bank (Singapore) Limited, HSBC Bank Middle East Limited (UAE), HSBC UK Bank Plc, HSBC Bank Malaysia Berhad (198401015221 (127776-V))/HSBC Amanah Malaysia Berhad (20080100642 1 (807705-X)), HSBC Bank (Taiwan) Limited, HSBC Bank plc, Jersey Branch, HSBC Bank plc, Guernsey Branch, HSBC Bank plc in the Isle of Man, HSBC Continental Europe, Greece, The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), HSBC Bank (Vietnam) Limited, PT Bank HSBC Indonesia (HBID), HSBC Bank (Uruguay) S.A. (HSBC Uruguay is authorised and oversought by Banco Central del Uruguay), HBAP Sri Lanka Branch, The Hongkong and Shanghai Banking Corporation Limited – Philippine Branch, HSBC Investment and Insurance Brokerage, Philippines Inc, HSBC FinTech Services (Shanghai) Company Limited, HSBC Mexico, S.A. Multiple Banking Institution HSBC Financial Group (collectively, the “Distributors”) and HSBC Bank Middle East Limited Qatar Branch, P.O. Box 57, Doha, Qatar (regulated by Qatar Central Bank for the purpose of this promotion and lead regulated by the Dubai Financial Services Authority) to their respective clients This document or video is for general circulation and information purposes only.
\nThe contents of this document or video may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. This document or video must not be distributed in any jurisdiction where its distribution is unlawful. All non-authorised reproduction or use of this document or video will be the responsibility of the user and may lead to legal proceedings. The material contained in this document or video is for general information purposes only and does not constitute investment research or advice or a recommendation to buy or sell investments. Some of the statements contained in this document or video may be considered forward looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. HBAP and the Distributors do not undertake any obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in the forward-looking statements. This document or video has no contractual value and is not by any means intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful. The views and opinions expressed are based on the HSBC Global Investment Committee at the time of preparation and are subject to change at any time. These views may not necessarily indicate HSBC Asset Management‘s current portfolios’ composition. Individual portfolios managed by HSBC Asset Management primarily reflect individual clients’ objectives, risk preferences, time horizon, and market liquidity.
\nThe value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested. Past performance contained in this document or video is not a reliable indicator of future performance whilst any forecasts, projections and simulations contained herein should not be relied upon as an indication of future results. Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Economies in emerging markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be affected adversely by economic conditions in the countries in which they trade. Investments are subject to market risks, read all investment related documents carefully.
\nThis document or video provides a high-level overview of the recent economic environment and has been prepared for information purposes only. The views presented are those of HBAP and are based on HBAP’s global views and may not necessarily align with the Distributors’ local views. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. It is not intended to provide and should not be relied on for accounting, legal or tax advice. Before you make any investment decision, you may wish to consult an independent financial adviser. In the event that you choose not to seek advice from a financial adviser, you should carefully consider whether the investment product is suitable for you. You are advised to obtain appropriate professional advice where necessary.
\nThe accuracy and/or completeness of any third-party information obtained from sources which we believe to be reliable might have not been independently verified, hence Customer must seek from several sources prior to making investment decision.
\nThe following statement is only applicable to HSBC Mexico, S.A. Multiple Banking Institution HSBC Financial Group with regard to how the publication is distributed to its customers: This publication is distributed by Wealth Insights of HSBC México, and its objective is for informational purposes only and should not be interpreted as an offer or invitation to buy or sell any security related to financial instruments, investments or other financial product. This communication is not intended to contain an exhaustive description of the considerations that may be important in making a decision to make any change and/or modification to any product, and what is contained or reflected in this report does not constitute, and is not intended to constitute, nor should it be construed as advice, investment advice or a recommendation, offer or solicitation to buy or sell any service, product, security, merchandise, currency or any other asset.
\nReceiving parties should not consider this document as a substitute for their own judgment. The past performance of the securities or financial instruments mentioned herein is not necessarily indicative of future results. All information, as well as prices indicated, are subject to change without prior notice; Wealth Insights of HSBC Mexico is not obliged to update or keep it current or to give any notification in the event that the information presented here undergoes any update or change. The securities and investment products described herein may not be suitable for sale in all jurisdictions or may not be suitable for some categories of investors.
\nThe information contained in this communication is derived from a variety of sources deemed reliable; however, its accuracy or completeness cannot be guaranteed. HSBC México will not be responsible for any loss or damage of any kind that may arise from transmission errors, inaccuracies, omissions, changes in market factors or conditions, or any other circumstance beyond the control of HSBC. Different HSBC legal entities may carry out distribution of Wealth Insights internationally in accordance with local regulatory requirements.
\nImportant Information about the Hongkong and Shanghai Banking Corporation Limited, India (“HSBC India”): HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. HSBC India does not distribute or refer investment products to those persons who are either the citizens or residents of United States of America (USA), Canada or any other jurisdiction where such distribution or referral would be contrary to law or regulation.
\nHSBC India is an AMFI-registered Mutual Fund Distributor of select mutual funds and a referrer of other 3rd party investment products. HSBC India will receive commission from HSBC Asset Management (India) Private Limited, in its capacity as a AMFI registered mutual fund distributor of HSBC Mutual Fund. The Sponsor of HSBC Mutual Fund is HSBC Securities and Capital Markets (India) Private Limited (HSCI), a member of the HSBC Group. Please note that HSBC India and the Sponsor being part of the HSBC Group, may give rise to real, perceived, or potential conflicts of interest. HSBC India has a policy in place to identify, prevent and manage such conflict of interest. For more information related to investments in the securities market, please visit the SEBI Investor Website: https://investor.sebi.gov.in/ and the SEBI Saa₹thi Mobile App. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Issued by The Hongkong and Shanghai Banking Corporation Limited India. Incorporated in Hong Kong SAR with limited liability. HSBC Bank ARN - 0022 with validity from 19-Feb-2024 to 18-Feb-2027. Date of initial registration: 19-Feb-2002.
\nThe following statement is only applicable to HSBC Bank (Taiwan) Limited with regard to how the publication is distributed to its customers: HSBC Bank (Taiwan) Limited (“the Bank”) shall fulfill the fiduciary duty act as a reasonable person once in exercising offering/conducting ordinary care in offering trust services/ business. However, the Bank disclaims any guarantee on the management or operation performance of the trust business.
\nThe following statement is only applicable to PT Bank HSBC Indonesia (“HBID”): HBID is licensed and supervised by Indonesia Financial Services Authority (“OJK”). Investment products that are offered in HBID are third party products, HBID is a selling agent for third party products such as Mutual Funds and Bonds. HBID and HSBC Group (HSBC Holdings Plc and its subsidiaries and associates company or any of its branches) do not guarantee the underlying investment, principal or return on customer’s investment. You must read and understand the investment policy of each investment product to see if a product contains ESG and sustainability elements and is classified as an ESG and sustainable investment. Investment in Mutual Funds and Bonds are not covered by the deposit insurance program of the Indonesian Deposit Insurance Corporation (“LPS”).
\nImportant information on ESG and sustainable investing
\nToday we finance a number of industries that significantly contribute to greenhouse gas emissions. We have a strategy to help our customers to reduce their emissions and to reduce our own. For more information visit www.hsbc.com/sustainability.
\nIn broad terms “ESG and sustainable investing” products include investment approaches or instruments which consider environmental, social, governance and/or other sustainability factors to varying degrees. Certain instruments we classify as sustainable may be in the process of changing to deliver sustainability outcomes. There is no guarantee that ESG and Sustainable investing products will produce returns similar to those which don’t consider these factors. ESG and Sustainable investing products may diverge from traditional market benchmarks. In addition, there is no standard definition of, or measurement criteria for, ESG and Sustainable investing or the impact of ESG and Sustainable investing products. ESG and Sustainable investing and related impact measurement criteria are (a) highly subjective and (b) may vary significantly across and within sectors.
HSBC may rely on measurement criteria devised and reported by third party providers or issuers. HSBC does not always conduct its own specific due diligence in relation to measurement criteria. There is no guarantee: (a) that the nature of the ESG / sustainability impact or measurement criteria of an investment will be aligned with any particular investor’s sustainability goals; or (b) that the stated level or target level of ESG / sustainability impact will be achieved. ESG and Sustainable investing is an evolving area and new regulations are being developed which will affect how investments can be categorised or labelled. An investment which is considered to fulfil sustainable criteria today may not meet those criteria at some point in the future.
\nTHE CONTENTS OF THIS DOCUMENT OR VIDEO HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG OR ANY OTHER JURISDICTION.
\nYOU ARE ADVISED TO EXERCISE CAUTION IN RELATION TO THE INVESTMENT AND THIS DOCUMENT OR VIDEO. IF YOU ARE IN DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT OR VIDEO, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.
\n© Copyright 2025. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED.
\nNo part of this document or video may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\n"},"asean-in-focus":{"name":"Disclaimer","anchor":"disclaimer","html":"This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is distributed by HSBC Bank Canada, HSBC Bank (China) Company Limited, HSBC Continental Europe, HBAP, HSBC Bank (Singapore) Limited, HSBC Bank (Taiwan) Limited, HSBC Bank Malaysia Berhad (127776-V) / HSBC Amanah Malaysia Berhad (807705-X), The Hongkong and Shanghai Banking Corporation Limited, India, HSBC Bank Middle East Limited, HSBC UK Bank plc, HSBC Bank plc, Jersey Branch, and HSBC Bank plc, Guernsey Branch (collectively, the “Distributors”) to their respective clients. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer. HBAP has prepared this document based on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice. HBAP and the Distributors are not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HBAP and the Distributors give no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document. This document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You should not use or rely on this document in making any investment decision. HBAP and the Distributors are not responsible for such use or reliance by you. You should consult your professional advisor in your jurisdiction if you have any questions regarding the contents of this document. You should not reproduce or further distribute the contents of this document to any person or entity, whether in whole or in part, for any purpose. This document may not be distributed to any jurisdiction where its distribution is unlawful.
\nThe following statement is only applicable to HSBC Bank (Taiwan) Limited with regard to how the publication is distributed to its customers: HSBC Bank (Taiwan) Limited (“the Bank”) shall fulfill the fiduciary duty act as a reasonable person once in exercising offering/conducting ordinary care in offering trust services/ business. However, the Bank disclaims any guaranty on the management or operation performance of the trust business.
\nThe following statement is only applicable to by HSBC Bank Australia with regard to how the publication is distributed to its customers: This document is distributed by HSBC Bank Australia Limited ABN 48 006 434 162, AFSL/ACL 232595 (HBAU). HBAP has a Sydney Branch ARBN 117 925 970 AFSL 301737.The statements contained in this document are general in nature and do not constitute investment research or a recommendation, or a statement of opinion (financial product advice) to buy or sell investments. This document has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the document you should consider its appropriateness to you, with regard to your objectives, financial situation, and needs.
\n© Copyright 2023. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED.
\nNo part of this document may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\n"},"biodiversity-and-health-6":{"name":"biodiversity-and-health-6","anchor":"biodiversity-and-health-6","html":"FAO, ITPS, GSBI, SCBD and EC. 2020. State of knowledge of soil biodiversity - Status, challenges and potentialities"},"biodiversity-and-health-3":{"name":"biodiversity-and-health-3","anchor":"biodiversity-and-health-3","html":"'Connecting Global Priorities: Biodiversity and Human Health: A State of Knowledge Review’, CBD, WHO, UNEP, 2015"},"un-sustainable-development-report":{"name":"UN Sustainable Development Report, May 2019","anchor":"un-sustainable-development-report-may-2019","html":"UN Sustainable Development Report, May 2019"},"biodiversity-and-ecosystem-services":{"name":"Biodiversity and Ecosystem Services","anchor":"biodiversity-and-ecosystem-services","html":"‘Biodiversity and Ecosystem Services: A business case for re/insurance’, Swiss Re (September 2020)"},"biodiversity-and-health-4":{"name":"biodiversity-and-health-4","anchor":"biodiversity-and-health-4","html":"UNICEF"},"source-wind-hsbc":{"name":"source-wind-hsbc","anchor":"source-wind-hsbc","html":"Source: Wind, HSBC"},"biodiversity-and-health-2":{"name":"biodiversity-and-health-2","anchor":"biodiversity-and-health-2","html":"'Global Biodiversity Outlook 5’, UN, CBD, 2020"},"oecd-biodiversity":{"name":"OECD – Biodiversity","anchor":"oecd-biodiversity","html":"OECD – Biodiversity"},"biodiversity-and-health-1":{"name":"biodiversity-and-health-1","anchor":"biodiversity-and-health-1","html":"World Wildlife Fund"},"the-london-school":{"name":"The London School of Economics and Political Science, February 2023","anchor":"the-london-school-of-economics-and-political-science-february-2023","html":"The London School of Economics and Political Science, February 2023"},"learn-to-invest-dis":{"name":"Learn to invest-dis","anchor":"learn-to-invest-dis","html":"WARNING: THE CONTENTS OF THIS DOCUMENT HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN SINGAPORE OR ANY OTHER JURISDICTION. YOU ARE ADVISED TO EXERCISE CAUTION IN RELATION TO THE INVESTMENT AND THIS DOCUMENT. IF YOU ARE IN DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.
\nThis document has been issued by HSBC Bank (Singapore) Limited (the "Bank") in the conduct of its business in Singapore and may be distributed in other jurisdictions where its distribution is lawful. It is not intended for anyone other than the recipient. The contents of this document may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. This document must not be distributed to the United States, Canada or Australia or to any other jurisdiction where its distribution is unlawful. All non-authorized reproduction or use of this document will be the responsibility of the user and may lead to legal proceedings.
\nThis document has no contractual value and is not and should not be construed as an offer or the solicitation of an offer or a recommendation for the purchase or sale of any investment [in any jurisdiction in which such an offer is not lawful] or subscribe for, or to participate in, any services. The Bank is not recommending or soliciting any action based on it.
\nThe information stated and/or opinion(s) expressed in this document are provided by HSBC Global Asset Management (Singapore) Limited. We do not undertake any obligation to issue any further publications to you or update the contents of this document and such contents are subject to changes at any time without notice. They are expressed solely as general market information and/or commentary for general information purposes only and do not constitute investment advice or recommendation to buy or sell investments or guarantee of returns. The Bank has not been involved in the preparation of such information and opinion. The Bank makes no guarantee, representation or warranty and accepts no responsibility for the accuracy and/or completeness of the information and/or opinions contained in this document, including any third party information obtained from sources it believes to be reliable but which has not been independently verified. In no event will the Bank or HSBC Group be liable for any damages, losses or liabilities including without limitation, direct or indirect, special, incidental, consequential damages, losses or liabilities, in connection with your use of this document or your reliance on or use or inability to use the information contained in this document.
\nIn case you have individual portfolios managed by HSBC Global Asset Management Limited, the views expressed in this document may not necessarily indicate current portfolios' composition. Individual portfolios managed by HSBC Global Asset Management Limited primarily reflect individual clients' objectives, risk preferences, time horizon, and market liquidity.
\nThe information contained within this document has not been reviewed in the light of your personal circumstances. Please note that this information is neither intended to aid in decision making for legal, financial or other consulting questions, nor should it be the basis of any investment or other decisions. You should carefully consider whether any investment views and investment products are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. The investment decision is yours but you should not invest in any product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives. The relevant product offering documents should be read for further details.
\nSome of the statements contained in this document may be considered forward-looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Such statements do not represent any one investment and are used for illustration purpose only. Customers are reminded that there can be no assurance that economic conditions described herein will remain in the future. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. We can give no assurance that those expectations reflected in those forward-looking statements will prove to have been correct or come to fruition, and you are cautioned not to place undue reliance on such statements. We do not undertake any obligation to update the forward-looking statements contained herein, whether as a result of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
\nInvestment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become valueless and investors may not get back the amount originally invested. Past performance contained in this document is not a reliable indicator of future performance whilst any forecasts, projections and simulations contained herein should not be relied upon as an indication of future results. Past performance information may be out of date. For up-to-date information, please contact your Relationship Manager.
\nInvestment in any market may be extremely volatile and subject to sudden fluctuations of varying magnitude due to a wide range of direct and indirect influences. Such characteristics can lead to considerable losses being incurred by those exposed to such markets. If an investment is withdrawn or terminated early, it may not return the full amount invested. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavourable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in certain jurisdictions. Narrowly focused investments and smaller companies typically exhibit higher volatility. There is no guarantee of positive trading performance. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Economies in emerging markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be affected adversely by economic conditions in the countries in which they trade. Mutual fund investments are subject to market risks. You should read all scheme related documents carefully.
\n© Copyright. HSBC Bank (Singapore) Limited (Company Registration No. 201420624K). All rights reserved.
\n"},"investment-outlook-dis-2024":{"name":"Disclaimer","anchor":"disclaimer","html":"This document or video is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document or video is distributed and/or made available by HSBC Bank (China) Company Limited, HSBC Bank (Singapore) Limited, HSBC Bank Middle East Limited (UAE), HSBC UK Bank Plc, HSBC Bank Malaysia Berhad (198401015221 (127776-V))/HSBC Amanah Malaysia Berhad (20080100642 1 (807705-X)), HSBC Bank (Taiwan) Limited, HSBC Bank plc, Jersey Branch, HSBC Bank plc, Guernsey Branch, HSBC Bank plc in the Isle of Man, HSBC Continental Europe, Greece, The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), HSBC Bank (Vietnam) Limited, PT Bank HSBC Indonesia (HBID), HSBC Bank (Uruguay) S.A. (HSBC Uruguay is authorised and oversought by Banco Central del Uruguay), The Hongkong and Shanghai Banking Corporation Limited – Philippine Branch, HSBC Investment and Insurance Brokerage, Philippines Inc, HSBC Insurance Brokerage Company Limited, HSBC Mexico, S.A. Multiple Banking Institution HSBC Financial Group (collectively, the “Distributors”) and HSBC Bank Middle East Limited Qatar Branch, P.O. Box 57, Doha, Qatar (regulated by Qatar Central Bank for the purpose of this promotion and lead regulated by the Dubai Financial Services Authority) to their respective clients. This document or video is for general circulation and information purposes only.
\nThe contents of this document or video may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. This document or video must not be distributed in any jurisdiction where its distribution is unlawful. All non-authorised reproduction or use of this document or video will be the responsibility of the user and may lead to legal proceedings. The material contained in this document or video is for general information purposes only and does not constitute investment research or advice or a recommendation to buy or sell investments. Some of the statements contained in this document or video may be considered forward looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. HBAP and the Distributors do not undertake any obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in the forward-looking statements. This document or video has no contractual value and is not by any means intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful. The views and opinions expressed are based on the HSBC Global Investment Committee at the time of preparation and are subject to change at any time. These views may not necessarily indicate HSBC Asset Management‘s current portfolios’ composition. Individual portfolios managed by HSBC Asset Management primarily reflect individual clients’ objectives, risk preferences, time horizon, and market liquidity.
\nThe value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested. Past performance contained in this document or video is not a reliable indicator of future performance whilst any forecasts, projections and simulations contained herein should not be relied upon as an indication of future results. Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Economies in emerging markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be affected adversely by economic conditions in the countries in which they trade. Investments are subject to market risks, read all investment related documents carefully.
\nThis document or video provides a high-level overview of the recent economic environment and has been prepared for information purposes only. The views presented are those of HBAP and are based on HBAP’s global views and may not necessarily align with the Distributors’ local views. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. It is not intended to provide and should not be relied on for accounting, legal or tax advice. Before you make any investment decision, you may wish to consult an independent financial adviser. In the event that you choose not to seek advice from a financial adviser, you should carefully consider whether the investment product is suitable for you. You are advised to obtain appropriate professional advice where necessary.
\nThe accuracy and/or completeness of any third-party information obtained from sources which we believe to be reliable might have not been independently verified, hence customers must seek several sources prior to making investment decisions.
\nThe following statement is only applicable to HSBC Mexico, S.A. Multiple Banking Institution HSBC Financial Group with regard to how the publication is distributed to its customers: This publication is distributed by Wealth Insights of HSBC México, and its objective is for informational purposes only and should not be interpreted as an offer or invitation to buy or sell any security related to financial instruments, investments or other financial product. This communication is not intended to contain an exhaustive description of the considerations that may be important in making a decision to make any change and/or modification to any product, and what is contained or reflected in this report does not constitute, and is not intended to constitute, nor should it be construed as advice, investment advice or a recommendation, offer or solicitation to buy or sell any service, product, security, merchandise, currency or any other asset.
\nReceiving parties should not consider this document as a substitute for their own judgment. The past performance of the securities or financial instruments mentioned herein is not necessarily indicative of future results. All information, as well as prices indicated, are subject to change without prior notice; Wealth Insights of HSBC Mexico is not obliged to update or keep it current or to give any notification in the event that the information presented here undergoes any update or change. The securities and investment products described herein may not be suitable for sale in all jurisdictions or may not be suitable for some categories of investors.
\nThe information contained in this communication is derived from a variety of sources deemed reliable; however, its accuracy or completeness cannot be guaranteed. HSBC México will not be responsible for any loss or damage of any kind that may arise from transmission errors, inaccuracies, omissions, changes in market factors or conditions, or any other circumstance beyond the control of HSBC. Different HSBC legal entities may carry out distribution of Wealth Insights internationally in accordance with local regulatory requirements.
\nImportant Information about the Hongkong and Shanghai Banking Corporation Limited, India (“HSBC India”): HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. HSBC India does not distribute or refer investment products to those persons who are either the citizens or residents of United States of America (USA), Canada or any other jurisdiction where such distribution or referral would be contrary to law or regulation.
\nHSBC India is an AMFI-registered Mutual Fund Distributor and an AMFI-registered Specialized Investment Fund (SIF) Distributor. HSBC India distributes select mutual fund schemes and SIF strategies of empaneled Asset Management Companies, and acts as a referrer of other third-party investment products. Mutual Fund investments are subject to market risks, read all scheme-related documents carefully. AMFI-registered Mutual Fund Distributor | Date of Initial Registration: 19 Feb 2002 | ARN-0022 I Validity of ARN: 18 Feb 2027. AMFI-registered SIF Distributor I Date of initial registration: 27 Oct 2025 | ARN-0022 I Validity of ARN: 26 Oct 2028.
\nHSBC India will receive commission from HSBC Asset Management (India) Private Limited, in its capacity as a AMFI registered mutual fund distributor of HSBC Mutual Fund. The Sponsor of HSBC Mutual Fund is HSBC Securities and Capital Markets (India) Private Limited (HSCI), a member of the HSBC Group. Please note that HSBC India and the Sponsor being part of the HSBC Group, may give rise to real, perceived, or potential conflicts of interest. HSBC India has a policy in place to identify, prevent and manage such conflict of interest. For more information related to investments in the securities market, please visit the SEBI Investor Website: https://investor.sebi.gov.in/ and the SEBI Saa₹thi Mobile App.
\nThe following statement is only applicable to HSBC Bank (Taiwan) Limited with regard to how the publication is distributed to its customers: HSBC Bank (Taiwan) Limited (“the Bank”) shall fulfill the fiduciary duty act as a reasonable person once in exercising offering/conducting ordinary care in offering trust services/ business. However, the Bank disclaims any guarantee on the management or operation performance of the trust business.
\nThe following statement is only applicable to PT Bank HSBC Indonesia (“HBID”): HBID is licensed and supervised by Indonesia Financial Services Authority (“OJK”). Investment products that are offered in HBID are third party products, HBID is a selling agent for third party products such as Mutual Funds and Bonds. HBID and HSBC Group (HSBC Holdings Plc and its subsidiaries and associates company or any of its branches) do not guarantee the underlying investment, principal or return on customer’s investment. You must read and understand the investment policy of each investment product to see if a product contains ESG and sustainability elements and is classified as an ESG and sustainable investment. Investment in Mutual Funds and Bonds are not covered by the deposit insurance program of the Indonesian Deposit Insurance Corporation (“LPS”).
\nImportant information on ESG and sustainable investing
\nToday we finance a number of industries that significantly contribute to greenhouse gas emissions. We have a strategy to help our customers to reduce their emissions and to reduce our own. For more information visit www.hsbc.com/sustainability.
\nIn broad terms “ESG and sustainable investing” products include investment approaches or instruments which consider environmental, social, governance and/or other sustainability factors to varying degrees. Certain instruments we classify as sustainable may be in the process of changing to deliver sustainability outcomes. There is no guarantee that ESG and Sustainable investing products will produce returns similar to those which don’t consider these factors. ESG and Sustainable investing products may diverge from traditional market benchmarks. In addition, there is no standard definition of, or measurement criteria for, ESG and Sustainable investing or the impact of ESG and Sustainable investing products. ESG and Sustainable investing and related impact measurement criteria are (a) highly subjective and (b) may vary significantly across and within sectors.
HSBC may rely on measurement criteria devised and reported by third party providers or issuers. HSBC does not always conduct its own specific due diligence in relation to measurement criteria. There is no guarantee: (a) that the nature of the ESG / sustainability impact or measurement criteria of an investment will be aligned with any particular investor’s sustainability goals; or (b) that the stated level or target level of ESG / sustainability impact will be achieved. ESG and Sustainable investing is an evolving area and new regulations are being developed which will affect how investments can be categorised or labelled. An investment which is considered to fulfil sustainable criteria today may not meet those criteria at some point in the future.
\nTHE CONTENTS OF THIS DOCUMENT OR VIDEO HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG OR ANY OTHER JURISDICTION.\nYOU ARE ADVISED TO EXERCISE CAUTION IN RELATION TO THE INVESTMENT AND THIS DOCUMENT OR VIDEO. IF YOU ARE IN DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT OR VIDEO, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.
\n© Copyright 2026. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED.
\nNo part of this document or video may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\n"},"yougov-plc-for-hsbc":{"name":"YouGov Plc for HSBC","anchor":"yougov-plc-for-hsbc","html":"Notes: 1/All figures, unless otherwise stated, are from YouGov Plc for HSBC. Total sample size was 1,048 retirees and 2,695 non-retirees, ranging from ages 18 to 55+. Fieldwork was undertaken between 5th and 6th January 2022. The survey was carried out online. The figures have been weighted and are representative of all Great British adults (aged 18+)."},"fx-viewpoint-01-1":{"name":"Bloomberg prices and news","anchor":"bloomberg-prices-and-news","html":"This report uses Bloomberg prices and news (unless otherwise specified)."},"fx-disclaimer-2024":{"name":"FX Disclaimer 2024","anchor":"fx-disclaimer-2024","html":"This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer.HBAP has prepared this document based on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice.
\nThis document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You SHOULD NOT use or rely on this document in making any investment decision or decision to buy or sell currency. HBAP is not responsible for such use or reliance by you. You SHOULD consult your professional advisor in your jurisdiction if you have any questions regarding the contents of this document.
\nYou SHOULD NOT reproduce or further distribute the contents of this document to any person or entity, whether in whole or in part, for any purpose. This document may not be distributed to the US, or Australia or any other jurisdiction where its distribution is unlawful.
\nJersey, Guernsey and Isle of Man
\nIn Jersey, Guernsey and the Isle of Man, this document is distributed to its customers for general reference only by HSBC Bank plc Jersey branch, HSBC Bank plc Guernsey branch and HSBC Bank plc in the Isle of Man.
\nMainland China
\nIn mainland China, this document is distributed by HSBC Bank (China) Company Limited (“HBCN”) to its customers for general reference only. This document is not, and is not intended to be, for the purpose of providing securities and futures investment advisory services or financial information services, or promoting or selling any wealth management product. This document provides all content and information solely on an "as-is/as-available" basis. You SHOULD consult your own professional adviser if you have any questions regarding this document.\nHong Kong
\nIn Hong Kong, this document is distributed by HBAP to its customers for general reference only. HBAP is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use or reliance of this document. HBAP gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document.
\nIndia
\nIn India, this document is distributed for general reference by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), having its India corporate office at 52/60, Mahatma Gandhi Road, Fort, Mumbai 400 001. HSBC India is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HSBC India gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document and clients should contact their relationship manager in respect of any clarifications arising from or in connection with this document.
\nImportant Information about the Hongkong and Shanghai Banking Corporation Limited, India (“HSBC India”)
\nHSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. HSBC India does not distribute or refer investment products to those persons who are either the citizens or residents of United States of America (USA), Canada or any other jurisdiction where such distribution or referral would be contrary to law or regulation.
\nHSBC India is an AMFI-registered Mutual Fund Distributor and an AMFI-registered Specialized Investment Fund (SIF) Distributor. HSBC India distributes select mutual fund schemes and SIF strategies of empanelled Asset Management Companies, and acts as a referrer of other third-party investment products.\nMutual Fund investments are subject to market risks, read all scheme-related documents carefully AMFI-registered Mutual Fund Distributor | Date of Initial Registration: 19th Feb-2002 | ARN-0022 I Validity of ARN: 18th Feb- 2027 AMFI-registered SIF Distributor I Date of initial registration: 27th Oct 2025 | ARN-0022 I Validity of ARN : 26th Oct 2028
\nHSBC India will receive commission from HSBC Asset Management (India) Private Limited, in its capacity as a AMFI registered mutual fund distributor of HSBC Mutual Fund. The Sponsor of HSBC Mutual Fund is HSBC Securities and Capital Markets (India) Private Limited (HSCI), a member of the HSBC Group. Please note that HSBC India and the Sponsor being part of the HSBC Group, may give rise to real, perceived, or potential conflicts of interest. HSBC India has a policy in place to identify, prevent and manage such conflict of interest
\nFor more information related to investments in the securities market, please visit the SEBI Investor Website: https://investor.sebi.gov.in/ and the SEBI Saa₹thi Mobile App.
\nMutual Fund investments are subject to market risks, read all scheme related documents carefully.
\nIssued by The Hongkong and Shanghai Banking Corporation Limited India . Incorporated in Hong Kong SAR with limited liability.
\nMalaysia
\nIn Malaysia, this document has been prepared by HBAP is issued and distributed by HSBC Bank Malaysia Berhad (127776-V) / HSBC Amanah Malaysia Berhad (807705-X) (the "Bank"). The Bank is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as Aa result, of arising from or relating to your use of or reliance on this document.
\nSingapore
\nThis document:
\nTaiwan
\nIn Taiwan, this document is distributed by HSBC Bank (Taiwan) Limited, [54F, No. 7, Sec. 5, Xinyi Road, Xinyi District, Taipei City] to its customers for general reference only. HSBC Bank (Taiwan) Limited is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use or reliance of this document. Clients of HSBC Bank (Taiwan) Limited should contact their relationship manager in respect of any matters arising from or in connection with this document.
\nUnited Arab Emirates
\nIn the UAE, this document is distributed by HSBC Bank Middle East Limited (“HBME”) U.A.E Branch, P.O.Box 66, Dubai, U.A.E, which is regulated by the Central Bank of the U.A.E and lead regulated by the Dubai Financial Services Authority. HBME is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document.
\nMiscellaneous
\nNotwithstanding this document is not investment advice, please be aware of the following for the sake of completeness. Past performance is not an indication of future performance. The value of any investment or income may go down as well as up and you may not get back the full amount invested. When an investment is denominated in a currency other than the local currency of an investor, changes in the exchange rates may have an adverse effect on the value, price or income of that investment. Where there is no recognised market for an investment, it may be difficult for an investor to sell the investment or to obtain reliable information about its value or the extent of the risk associated with it.
\nThis document contains forward-looking statements which are, by their nature, subject to significant risks and uncertainties. Such statements are projections, do not represent any one investment and are used for illustration purpose only. Customers are reminded that there can be no assurance that economic conditions described herein will remain in the future. Actual results may differ materially from the forecasts/estimates. No assurance is given that those expectations reflected in those forward-looking statements will prove to have been correct or come to fruition, and you are cautioned not to place undue reliance on such statements. No obligation is undertaken to publicly update or revise any forward-looking statements contained in this document or any other related document whether as a result of new information, future events or otherwise.
\nThe Hongkong and Shanghai Banking Corporation Limited, its affiliates and associates and their respective officers and/or employees, may have interests in any products referred to in this document by acting in various roles including as distributor, holder of principal positions, adviser or lender. The Hongkong and Shanghai Banking Corporation Limited, its affiliates and associates, and their respective officers and employees, may receive fees, brokerage or commissions for acting in those capacities. In addition, The Hongkong and Shanghai Banking Corporation Limited, its affiliates and associates, and their respective officers and/or employees, may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in this document.
\nShould you wish to use AI technology (computational, statistical, machine-learning or other artificial intelligence techniques to infer or learn from data to find patterns, take actions, make decisions, or generate output) to help you analyse, summarise or evaluate this publication and/or any other research materials provided to you by HSBC, you shall seek HSBC consent in advance of any such use and not upload this publication and/or any other research materials produced by HSBC to an AI system or otherwise use AI technology in connection with the research services HSBC provides to you without our consent.
\n© Copyright 2026, The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED. No part of this document may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\n"},"fx-disclaiemer":{"name":"FX Disclaimer 2023","anchor":"fx-disclaimer-2023","html":"This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer. HBAP has prepared this document based on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice.
\nHBAP is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HBAP gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document.
\nThis document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You SHOULD NOT use or rely on this document in making any investment decision or decision to buy or sell currency. HBAP is not responsible for such use or reliance by you. You SHOULD consult your professional advisor in your jurisdiction if you have any questions regarding the contents of this document.
\nYou SHOULD NOT reproduce or further distribute the contents of this document to any person or entity, whether in whole or in part, for any purpose. This document may not be distributed to the US, Canada or Australia or any other jurisdiction where its distribution is unlawful.
\nJersey
\nHSBC Expat, a division of HSBC Bank plc, Jersey Branch, has distributed this document to its customers for general reference only. HSBC Expat is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use or reliance of this document. We give no guarantee as to the accuracy, timeliness or completeness of this document. HSBC Expat will distribute this document to customers, at their request, where we can lawfully do so.
\nMainland China
\nIn mainland China, this document is distributed by HSBC Bank (China) Company Limited (“HBCN”) to its customers for general reference only. This document is not, and is not intended to be, for the purpose of providing securities and futures investment advisory services or financial information services, or promoting or selling any wealth management product. This document provides all content and information solely on an "as-is/as-available" basis. HBCN is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. You SHOULD consult your own professional adviser if you have any questions regarding this document.
\nHong Kong
\nIn Hong Kong, this document is distributed by HBAP to its customers for general reference only. HBAP is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use or reliance of this document. HBAP gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document.
\nMalaysia
\nIn Malaysia, this document has been prepared by HBAP is issued and distributed by HSBC Bank Malaysia Berhad (127776-V) / HSBC Amanah Malaysia Berhad (807705-X) (the "Bank"). The Bank is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result, of arising from or relating to your use of or reliance on this document.
\nSingapore
\nIn Singapore, this document is distributed by HSBC Bank (Singapore) Limited (“HBSP”) pursuant to Regulation 32C of the Financial Advisers Regulations, to its customers for general reference only. HBSP accepts legal responsibility for the contents of this document, and may be contacted in respect of any matters arising from, or in connection with, this document. Please refer to HBSP’s website at www.hsbc.com.sg for its contact details.
\nTaiwan
\nIn Taiwan, this document is distributed by HSBC Bank (Taiwan) Limited, [13F/14F No 333, section 1 Keelong Rd, Taipei] to its customers for general reference only. HSBC Bank (Taiwan) Limited is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use or reliance of this document. Clients of HSBC Bank (Taiwan) Limited should contact their relationship manager in respect of any matters arising from or in connection with this document.
\nUnited Arab Emirates
\nIn the UAE, this document is distributed by HSBC Bank Middle East Limited (“HBME”) U.A.E Branch, P.O.Box 66, Dubai, U.A.E, wh ich is regulated by the Central Bank of the U.A.E and lead regulated by the Dubai Financial Services Authority. HBME is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document.
\nMiscellaneous
\nNotwithstanding this document is not investment advice, please be aware of the following for the sake of completeness. Past performance is not an indication of future performance. The value of any investment or income may go down as well as up and you may not get back the full amount invested. When an investment is denominated in a currency other than the local currency of an investor, changes in the exchange rates may have an adverse effect on the value, price or income of that investment. Where there is no recognised market for an investment, it may be difficult for an investor to sell the investment or to obtain reliable information about its value or the extent of the risk associated with it.
\nThis document contains forward-looking statements which are, by their nature, subject to significant risks and uncertainties. Such statements are projections, do not represent any one investment and are used for illustration purpose only. Customers are reminded that there can be no assurance that economic conditions described herein will remain in the future. Actual results may differ materially from the forecasts/estimates. No assurance is given that those expectations reflected in those forward-looking statements will prove to have been correct or come to fruition, and you are cautioned not to place undue reliance on such statements. No obligation is undertaken to publicly update or revise any forward-looking statements contained in this document or any other related document whether as a result of new information, future events or otherwise.
\nThe Hongkong and Shanghai Banking Corporation Limited, its affiliates and associates and their respective officers and/or employees, may have interests in any products referred to in this document by acting in various roles including as distributor, holder of principal positions, adviser or lender. The Hongkong and Shanghai Banking Corporation Limited, its affiliates and associates, and their respective officers and employees, may receive fees, brokerage or commissions for acting in those capacities. In addition, The Hongkong and Shanghai Banking Corporation Limited, its affiliates and associates, and their respective officers and/or employees, may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in this document.
\n© Copyright 2023. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED. No part of this document may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\n"},"overcollateralisation":{"name":"overcollateralisation","anchor":"overcollateralisation","html":"Overcollateralisation: The face value of the underlying loan pool is greater than the par value of the issue bonds. Even if some of the underlying loans are defaulted, the interest or principal on the bonds will still be paid."},"morning-coffee-10":{"name":"morning-coffee-10","anchor":"morning-coffee-10","html":"‘Carbon footprint of different methods of coffee preparation’, M. Cibelli et al., Sustainable Production and Consumption, 2021"},"progressing-esg-adoption-in-asia-4":{"name":"progressing-esg-adoption-in-asia-4","anchor":"progressing-esg-adoption-in-asia-4","html":"Goldman Sachs Global Investment Research, February 2022"},"wood-mackenzie":{"name":"Wood Mackenzie","anchor":"wood-mackenzie","html":"Wood Mackenzie, Co. data, Goldman Sachs Research, March 2023."},"progressing-esg-adoption-in-asia-5":{"name":"progressing-esg-adoption-in-asia-5","anchor":"progressing-esg-adoption-in-asia-5","html":"PwC, September 2022"},"danwatch-every-single-vanilla-orchid-must-be-pollinated-by-han":{"name":"#WhyESGMatters-8","anchor":"whyesgmatters-8","html":"Danwatch, Every single vanilla orchid must be pollinated by hand"},"a-ntiamoah":{"name":"#WhyESGMatters-7","anchor":"whyesgmatters-7","html":"A Ntiamoah and G Afrane, Environmental impacts of cocoa production and processing in Ghana: life cycle assessment approach, The Journal of Cleaner Production, 16 (2008)"},"a-konstantas-et-al-environmental-impacts-of-ice-cream-journal1":{"name":"a konstantas 2018","anchor":"a-konstantas-2018","html":"A Konstantas et al, Environmental impacts of ice cream, Journal of Cleaner Production, 2018"},"wwf":{"name":"wwf","anchor":"wwf","html":"WWF, Milk’s impact on the environment, 2019"},"a-konstantas-et-al-environmental-impacts-of-ice-cream-journal-0":{"name":"#WhyESGMatters-6","anchor":"whyesgmatters-6","html":"A Konstantas et al, Environmental impacts of ice cream, Journal of Cleaner Production, 2018"},"a-konstantas-et-al-evaluation-of-environmental-sustainability-o":{"name":"#WhyESGMatters-11","anchor":"whyesgmatters-11","html":"A Konstantas et al., Environmental impacts of ice cream, Journal of Cleaner Production, 2018"},"wwf-ice-cream-s-impact-on-the-environment-2016":{"name":"#WhyESGMatters-5","anchor":"whyesgmatters-5","html":"WWF, Ice cream’s impact on the environment, 2016"},"progressing-esg-adoption-in-asia-2":{"name":"progressing-esg-adoption-in-asia-2","anchor":"progressing-esg-adoption-in-asia-2","html":"OECD, September 2023"},"morning-coffee-13":{"name":"morning-coffee-13","anchor":"morning-coffee-13","html":"‘Where can you find the world’s most sustainable coffee? In a lab in Finland, of course...’, World Economic Forum, 20 October 2021"},"net-zero-stocktake":{"name":"Net Zero Stocktake","anchor":"net-zero-stocktake","html":"Net Zero Stocktake, June 2023: New Climate Institute, Oxford Net Zero, Energy & Climate Intelligence Unit and Data-Driven EnviroLab."},"a-konstantas":{"name":"#WhyESGMatters-2","anchor":"whyesgmatters-2","html":"A Konstantas et al, Evaluation of environmental sustainability of biscuits at the product and sectoral levels, Journal of Cleaner Production, 2019"},"un-climate-action-tracker":{"name":"UN Climate Action Tracker","anchor":"un-climate-action-tracker","html":"UN Climate Action Tracker; McKinsey Energy Insights Global Energy Perspective 2022."},"for-example-p-lykke-lind-madagascar-s-p152m-vanilla-industry-s0":{"name":"#WhyESGMatters-10","anchor":"whyesgmatters-10","html":"For example, P Lykke Lind, Madagascar's £152m vanilla industry soured by child labour and poverty, The Guardian, 2016"},"progressing-esg-adoption-in-asia-3":{"name":"progressing-esg-adoption-in-asia-3","anchor":"progressing-esg-adoption-in-asia-3","html":"LSEG, August 2023"},"morning-coffee-14":{"name":"morning-coffee-14","anchor":"morning-coffee-14","html":"‘Coffee waste: Companies offer up new solutions’, BBC, 22 April 2021"},"grand-view-research-ice-cream-market-size-industry-report-2022-2030":{"name":"Grand View Research","anchor":"grand-view-research","html":"Grand View Research, Ice Cream Market Size, Industry Report, 2022-2030"},"morning-coffee-11":{"name":"morning-coffee-11","anchor":"morning-coffee-11","html":"‘Coffee waste: Companies offer up new solutions’, BBC, 22 April 2021"},"deloitte":{"name":"Deloitte","anchor":"deloitte","html":"Deloitte – ‘Does a company’s ESG score have a measurable impact on its market value?’, 2022. Earnings measurement used is Earnings Before Interest, Taxes, Debt & Amortisation (EBITDA)"},"iea":{"name":"International Energy Agency, May 2023.","anchor":"international-energy-agency-may-2023","html":"International Energy Agency, May 2023."},"progressing-esg-adoption-in-asia-1":{"name":"progressing-esg-adoption-in-asia-1","anchor":"progressing-esg-adoption-in-asia-1","html":"Goldman Sachs Global Investment Research, February 2022."},"morning-coffee-12":{"name":"morning-coffee-12","anchor":"morning-coffee-12","html":"‘Explaining the willingness of consumers to bring their own reusable coffee cups under the condition of monetary incentives’, J. L. Nicolau et al., Journal of Retailing and Consumer Services, 2022"},"international-energy-agency-july-2023":{"name":"International Energy Agency, July 2023.","anchor":"international-energy-agency-july-2023","html":"International Energy Agency, July 2023."},"for-example-p-lykke-lind-madagascar-s-p152m-vanilla-industry-s":{"name":"#WhyESGMatters-9","anchor":"whyesgmatters-9","html":"For example, P Lykke Lind, Madagascar's £152m vanilla industry soured by child labour and poverty, The Guardian, 2016"},"international-energy-agency":{"name":"International Energy Agency","anchor":"international-energy-agency","html":"International Energy Agency, Energy investment in China, 2019 and 2022."},"philip-shine-et-al-a-global-review-of-monitoring-modeling-and":{"name":"#WhyESGMatters-12","anchor":"whyesgmatters-12","html":"Philip Shine et al, A Global Review of Monitoring, Modeling, and Analyses of Water Demand in Dairy Farming, 2021"},"a-konstantas-et-al-environmental-impacts-of-ice-cream-journal":{"name":"a konstantas 2018","anchor":"a-konstantas-2018","html":"A Konstantas et al, Environmental impacts of ice cream, Journal of Cleaner Production, 2018"},"morning-coffee-9":{"name":"morning-coffee-9","anchor":"morning-coffee-9","html":"Euromonitor"},"idmc":{"name":"IDMC","anchor":"idmc","html":"The Internal Displacement Monitoring Centre (IDMC) ) 2021 Global Report on Internal Displacement."},"morning-coffee-7":{"name":"morning-coffee-7","anchor":"morning-coffee-7","html":"Fairtrade Foundation"},"exercise-is-more-beneficial":{"name":"exercise is more beneficial ","anchor":"exercise-is-more-beneficial","html":"www.sciencefocus.com/news/why-money-cant-buy-you-happiness"},"morning-coffee-4":{"name":"morning-coffee-4","anchor":"morning-coffee-4","html":"‘Your morning cup of coffee contains 140 litres of water’, World Economic Forum, 22 March 2019"},"inflation-trends":{"name":"inflation trends","anchor":"inflation-trends","html":"https://www.imf.org/external/datamapper/PCPIPCH@WEO/WEOWORLD/VEN"},"morning-coffee-5":{"name":"morning-coffee-5","anchor":"morning-coffee-5","html":"Agronomy Journal, Irrigation and intercropping with macadamia increase initial Arabica coffee yield and profitability, 1 March 2015"},"cost-of-living-city-ranking-2023":{"name":"Cost of Living City Ranking 2023","anchor":"cost-of-living-city-ranking-2023","html":"https://www.mercer.com/insights/total-rewards/talent-mobility-insights/cost-of-living"},"health-in-retirement":{"name":"health-in-retirement","anchor":"health-in-retirement","html":"https://www.worldometers.info/demographics/life-expectancy/"},"morning-coffee-2":{"name":"morning-coffee-2","anchor":"morning-coffee-2","html":"PLOS One, expected global suitability of coffee, cashew and avocado due to climate change, 26 June 2022"},"boomers":{"name":"Boomers","anchor":"boomers","html":"Millenials - age 25 - 39, Gen X - age 40 - 54, Boomers - age 55 - 69."},"alzheimers-disease":{"name":"Alzheimer’s disease","anchor":"alzheimers-disease","html":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2897172/"},"emerging-markets":{"name":"Emerging markets","anchor":"emerging-markets","html":"Developed markets covered were US, UK, Singapore and Hong Kong. Mexico, Malaysia, UAE, mainland China, and India were classified as Emerging markets."},"respondents-for-the-survey":{"name":"Respondents for the survey","anchor":"respondents-for-the-survey","html":"Respondents for the survey were individuals with investible assets of between USD100,000 and USD2 million."},"morning-coffee-1":{"name":"morning-coffee 1","anchor":"morning-coffee-1","html":"‘Climate and Coffee’, National Oceanic and Atmospheric Administration (NOAA), 19 June 2015"},"financial-security":{"name":"financial security","anchor":"financial-security","html":"HSBC and Bloomberg Media Studios conducted the HSBC Quality of Life Report, 2023 in nine markets globally with a total sample size of 2,250 individuals.\nThe data for this article is from the ~1,800 respondents in the survey with investible assets of between USD100,000 and USD2 million."},"morning-coffee-8":{"name":"morning-coffee-8","anchor":"morning-coffee-8","html":"An environmental and economic sustainability assessment of coffee production in the UK’, P. Gosalvitr et al., Chemical Engineering Journal, 2023"},"hsbc-quality-of-life-report":{"name":"HSBC Quality of Life Report","anchor":"hsbc-quality-of-life-report","html":"HSBC and Bloomberg Media Studios conducted the HSBC Quality of Life Report, 2023 in nine markets globally with a total sample size of 2,250 individuals.\nThe data for this article is from the ~1,800 respondents in the survey with investible assets of between USD100,000 and USD2 million."},"morning-coffee-6":{"name":"morning-coffee-6","anchor":"morning-coffee-6","html":"‘What requirements must coffee comply with to be allowed on the European market?’, CBI, 14 December 2022"},"morning-coffee-3":{"name":"morning-coffee-3","anchor":"morning-coffee-3","html":"‘The coffee rust crises in Colombia and Central America (2008–2013): impacts, plausible causes and proposed solutions’, J. Avelino et al., Food Sec, 2015"},"world-data":{"name":"WorldData","anchor":"worlddata","html":"WorldData.com - https://www.worlddata.info/life-expectancy.php"},"premium-allocation-fees":{"name":"premium-allocation-fees","anchor":"premium-allocation-fees","html":"Fees and charges are applicable and will be deducted from the account value after premium allocation. Please refer to the product brochure and product disclosure sheet for details."},"loyalty-bonus":{"name":"loyalty-bonus","anchor":"loyalty-bonus","html":"The bonus payout will be credited into your policy account with a 100% allocation rate at the end of your 5th policy year. You need to have paid your premiums for all 5 years in full and up to date. There must have been no withdrawals made before the Loyalty Bonus is paid."},"progressing-esg-adoption-in-asia-6":{"name":"progressing-esg-adoption-in-asia-6","anchor":"progressing-esg-adoption-in-asia-6","html":"World Bank, June 2023."},"family-first-01":{"name":"Family First 01","anchor":"family-first-01","html":"https://internationalservices.hsbc.com/quality-of-life/"},"protected-by-pidm-terms":{"name":"protected-by-pidm-terms","anchor":"protected-by-pidm-terms","html":"Protected by PIDM up to RM250,000 for each depositor."},"premier-mgm-cashback":{"name":"premier-mgm-cashback","anchor":"premier-mgm-cashback","html":"HSBC Premier Referral Programme 2026 Terms & Conditions (PDF) apply.
\nPhase 1 - Referral Period from 1 January to 31 March 2026.
\nPhase 2 - Referral Period from 1 April to 30 June 2026.
\nPhase 3 - Referral Period from 1 July to 30 September 2026.
\nPhase 4 - Referral Period from 1 October to 31 December 2026.
\nSuccessful Referral Period from 1 October 2026 to 31 January 2027.
\nEach eligible customer stands to receive cashback for a maximum of 6 successful referrals. Successful referrals refer to a potential customer referred by the eligible customer during the respecting successful referral period; successfully opens an HSBC Premier Account under this programme. Cashback is pooled together with 'HSBC Amanah Premier Referral Programme 2026. HSBC Bank is the sole provider of the cashback. The terms used herein are as defined in the HSBC Premier Referral Programme 2026 Terms & Conditions.
\n"},"dfx-disclaimer":{"name":"Daily FX Focus -2024","anchor":"daily-fx-focus-2024","html":"This document is issued by HSBC Bank Malaysia Berhad (127776-V) (HSBC). The information contained herein is derived from sources we believe to be reliable, but which we have not independently verified. HSBC makes no representation or warranty (express or implied) of any nature nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this\ndocument. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. Any examples given are for the purposes of illustration only. The opinions in this document constitute our present judgment, which is subject to change without notice. This document does not constitute an offer or solicitation for, or advice that you should enter into, the purchase or sale of any security, commodity or other investment product or investment agreement, or any other contract, agreement or structure whatsoever and is intended for institutional customers and is not intended for the use of private customers. The document is intended to be distributed in its entirety. No consideration has been given to the particular investment objectives, financial\nsituation or particular needs of any recipient. Unless governing law permits otherwise, you must contact a HSBC Group member in your home jurisdiction if you wish to use HSBC Group services in effecting a transaction in any investment mentioned in this document. This document, which is not for public circulation, must not be\ncopied, transferred or the content disclosed, to any third party and is not intended for use by any person other than the intended recipient or the intended recipient's professional advisers for the purposes of advising the intended recipient hereon.
\nCopyright. HSBC Bank Malaysia Berhad (127776-V) 2026. ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC Bank Malaysia Berhad.
\n"},"investment-daily-dis-2024":{"name":"Investment Daily Dis 2024","anchor":"investment-daily-dis-2024","html":"This document or video is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document or video is distributed and/or made available by HSBC Bank (China) Company Limited, HSBC Bank (Singapore) Limited, HSBC Bank Middle East Limited (UAE), HSBC UK Bank Plc, HSBC Bank Malaysia Berhad (198401015221 (127776-V))/HSBC Amanah Malaysia Berhad (20080100642 1 (807705-X)), HSBC Bank (Taiwan) Limited, HSBC Bank plc, Jersey Branch, HSBC Bank plc, Guernsey Branch, HSBC Bank plc in the Isle of Man, HSBC Continental Europe, Greece, The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), HSBC Bank (Vietnam) Limited, PT Bank HSBC Indonesia (HBID), HSBC Bank (Uruguay) S.A. (HSBC Uruguay is authorised and oversought by Banco Central del Uruguay), The Hongkong and Shanghai Banking Corporation Limited – Philippine Branch, HSBC Investment and Insurance Brokerage, Philippines Inc, HSBC Insurance Brokerage Company Limited, HSBC Mexico, S.A. Multiple Banking Institution HSBC Financial Group (collectively, the “Distributors”) and HSBC Bank Middle East Limited Qatar Branch, P.O. Box 57, Doha, Qatar (regulated by Qatar Central Bank for the purpose of this promotion and lead regulated by the Dubai Financial Services Authority) to their respective clients. This document or video is for general circulation and information purposes only.
\nThe contents of this document or video may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. This document or video must not be distributed in any jurisdiction where its distribution is unlawful. All non-authorised reproduction or use of this document or video will be the responsibility of the user and may lead to legal proceedings. The material contained in this document or video is for general information purposes only and does not constitute investment research or advice or a recommendation to buy or sell investments. Some of the statements contained in this document or video may be considered forward looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. HBAP and the Distributors do not undertake any obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in the forward-looking statements. This document or video has no contractual value and is not by any means intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful. The views and opinions expressed are based on the HSBC Global Investment Committee at the time of preparation and are subject to change at any time. These views may not necessarily indicate HSBC Asset Management‘s current portfolios’ composition. Individual portfolios managed by HSBC Asset Management primarily reflect individual clients’ objectives, risk preferences, time horizon, and market liquidity.
\nThe value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested. Past performance contained in this document or video is not a reliable indicator of future performance whilst any forecasts, projections and simulations contained herein should not be relied upon as an indication of future results. Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Economies in emerging markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be affected adversely by economic conditions in the countries in which they trade. Investments are subject to market risks, read all investment related documents carefully.
\nThis document or video provides a high-level overview of the recent economic environment and has been prepared for information purposes only. The views presented are those of HBAP and are based on HBAP’s global views and may not necessarily align with the Distributors’ local views. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. It is not intended to provide and should not be relied on for accounting, legal or tax advice. Before you make any investment decision, you may wish to consult an independent financial adviser. In the event that you choose not to seek advice from a financial adviser, you should carefully consider whether the investment product is suitable for you. You are advised to obtain appropriate professional advice where necessary.
\nThe accuracy and/or completeness of any third-party information obtained from sources which we believe to be reliable might have not been independently verified, hence customers must seek several sources prior to making investment decisions.
\nThe following statement is only applicable to HSBC Mexico, S.A. Multiple Banking Institution HSBC Financial Group with regard to how the publication is distributed to its customers: This publication is distributed by Wealth Insights of HSBC México, and its objective is for informational purposes only and should not be interpreted as an offer or invitation to buy or sell any security related to financial instruments, investments or other financial product. This communication is not intended to contain an exhaustive description of the considerations that may be important in making a decision to make any change and/or modification to any product, and what is contained or reflected in this report does not constitute, and is not intended to constitute, nor should it be construed as advice, investment advice or a recommendation, offer or solicitation to buy or sell any service, product, security, merchandise, currency or any other asset.
\nReceiving parties should not consider this document as a substitute for their own judgment. The past performance of the securities or financial instruments mentioned herein is not necessarily indicative of future results. All information, as well as prices indicated, are subject to change without prior notice; Wealth Insights of HSBC Mexico is not obliged to update or keep it current or to give any notification in the event that the information presented here undergoes any update or change. The securities and investment products described herein may not be suitable for sale in all jurisdictions or may not be suitable for some categories of investors.
\nThe information contained in this communication is derived from a variety of sources deemed reliable; however, its accuracy or completeness cannot be guaranteed. HSBC México will not be responsible for any loss or damage of any kind that may arise from transmission errors, inaccuracies, omissions, changes in market factors or conditions, or any other circumstance beyond the control of HSBC. Different HSBC legal entities may carry out distribution of Wealth Insights internationally in accordance with local regulatory requirements.
\nImportant Information about the Hongkong and Shanghai Banking Corporation Limited, India (“HSBC India”): HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. HSBC India does not distribute or refer investment products to those persons who are either the citizens or residents of United States of America (USA), Canada or any other jurisdiction where such distribution or referral would be contrary to law or regulation.
\nHSBC India is an AMFI-registered Mutual Fund Distributor and an AMFI-registered Specialized Investment Fund (SIF) Distributor. HSBC India distributes select mutual fund schemes and SIF strategies of empaneled Asset Management Companies, and acts as a referrer of other third-party investment products. Mutual Fund investments are subject to market risks, read all scheme-related documents carefully. AMFI-registered Mutual Fund Distributor | Date of Initial Registration: 19 Feb 2002 | ARN-0022 I Validity of ARN: 18 Feb 2027. AMFI-registered SIF Distributor I Date of initial registration: 27 Oct 2025 | ARN-0022 I Validity of ARN: 26 Oct 2028.
\nHSBC India will receive commission from HSBC Asset Management (India) Private Limited, in its capacity as a AMFI registered mutual fund distributor of HSBC Mutual Fund. The Sponsor of HSBC Mutual Fund is HSBC Securities and Capital Markets (India) Private Limited (HSCI), a member of the HSBC Group. Please note that HSBC India and the Sponsor being part of the HSBC Group, may give rise to real, perceived, or potential conflicts of interest. HSBC India has a policy in place to identify, prevent and manage such conflict of interest. For more information related to investments in the securities market, please visit the SEBI Investor Website: https://investor.sebi.gov.in/ and the SEBI Saa₹thi Mobile App.
\nThe following statement is only applicable to HSBC Bank (Taiwan) Limited with regard to how the publication is distributed to its customers: HSBC Bank (Taiwan) Limited (“the Bank”) shall fulfill the fiduciary duty act as a reasonable person once in exercising offering/conducting ordinary care in offering trust services/ business. However, the Bank disclaims any guarantee on the management or operation performance of the trust business.
\nThe following statement is only applicable to PT Bank HSBC Indonesia (“HBID”): HBID is licensed and supervised by Indonesia Financial Services Authority (“OJK”). Investment products that are offered in HBID are third party products, HBID is a selling agent for third party products such as Mutual Funds and Bonds. HBID and HSBC Group (HSBC Holdings Plc and its subsidiaries and associates company or any of its branches) do not guarantee the underlying investment, principal or return on customer’s investment. You must read and understand the investment policy of each investment product to see if a product contains ESG and sustainability elements and is classified as an ESG and sustainable investment. Investment in Mutual Funds and Bonds are not covered by the deposit insurance program of the Indonesian Deposit Insurance Corporation (“LPS”).
\nImportant information on ESG and sustainable investing
\nToday we finance a number of industries that significantly contribute to greenhouse gas emissions. We have a strategy to help our customers to reduce their emissions and to reduce our own. For more information visit www.hsbc.com/sustainability.
\nIn broad terms “ESG and sustainable investing” products include investment approaches or instruments which consider environmental, social, governance and/or other sustainability factors to varying degrees. Certain instruments we classify as sustainable may be in the process of changing to deliver sustainability outcomes. There is no guarantee that ESG and Sustainable investing products will produce returns similar to those which don’t consider these factors. ESG and Sustainable investing products may diverge from traditional market benchmarks. In addition, there is no standard definition of, or measurement criteria for, ESG and Sustainable investing or the impact of ESG and Sustainable investing products. ESG and Sustainable investing and related impact measurement criteria are (a) highly subjective and (b) may vary significantly across and within sectors.
HSBC may rely on measurement criteria devised and reported by third party providers or issuers. HSBC does not always conduct its own specific due diligence in relation to measurement criteria. There is no guarantee: (a) that the nature of the ESG / sustainability impact or measurement criteria of an investment will be aligned with any particular investor’s sustainability goals; or (b) that the stated level or target level of ESG / sustainability impact will be achieved. ESG and Sustainable investing is an evolving area and new regulations are being developed which will affect how investments can be categorised or labelled. An investment which is considered to fulfil sustainable criteria today may not meet those criteria at some point in the future.
\nTHE CONTENTS OF THIS DOCUMENT OR VIDEO HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG OR ANY OTHER JURISDICTION.\nYOU ARE ADVISED TO EXERCISE CAUTION IN RELATION TO THE INVESTMENT AND THIS DOCUMENT OR VIDEO. IF YOU ARE IN DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT OR VIDEO, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.
\n© Copyright 2026. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED.
\nNo part of this document or video may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\n"},"macro-monthly-dis-2024":{"name":"Macro Monthly Dis 2024","anchor":"macro-monthly-dis-2024","html":"This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is distributed by HSBC Continental Europe, HBAP, HSBC Bank (Singapore) Limited, HSBC Bank (Taiwan) Limited, HSBC Bank Malaysia Berhad (198401015221 (127776- V))/HSBC Amanah Malaysia Berhad (200801006421 (807705-X)), The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), HSBC Bank Middle East Limited, HSBC UK Bank plc, HSBC Bank plc, Jersey Branch, and HSBC Bank plc, Guernsey Branch, HSBC Private Bank (Suisse) SA, HSBC Private Bank (Suisse) SA DIFC Branch, , HSBC Financial Services (Lebanon) SAL, HSBC Private banking (Luxembourg) SA, and The Hongkong and Shanghai Banking Corporation Limited (collectively, the “Distributors”) to their respective clients. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer. HBAP has prepared this document based on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice. HBAP and the Distributors are not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HBAP and the Distributors give no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document. This document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You should not use or rely on this document in making any investment decision. HBAP and the Distributors are not responsible for such use or reliance by you. You should consult your professional advisor in your jurisdiction if you have any questions regarding the contents of this document. You should not reproduce or further distribute the contents of this document to any person or entity, whether in whole or in part, for any purpose. This document may not be distributed to any jurisdiction where its distribution is unlawful.
\nThe following statement is only applicable to HSBC Bank (Taiwan) Limited with regard to how the publication is distributed to its customers: HSBC Bank (Taiwan) Limited (“the Bank”) shall fulfill the fiduciary duty act as a reasonable person once in exercising offering/conducting ordinary care in offering trust services/business. However, the Bank disclaims any guaranty on the management or operation performance of the trust business.
\nThe following statement is only applicable to by HSBC Bank Australia with regard to how the publication is distributed to its customers: This document is distributed by HSBC Bank Australia Limited ABN 48 006 434 162, AFSL/ACL 232595 (HBAU). HBAP has a Sydney Branch ARBN 117 925 970 AFSL 301737.The statements contained in this document are general in nature and do not constitute investment research or a recommendation, or a statement of opinion (financial product advice) to buy or sell investments. This document has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the document you should consider its appropriateness to you, with regard to your objectives, financial situation, and needs.
\nImportant Information about the Hongkong and Shanghai Banking Corporation Limited, India (“HSBC India”)
\nHSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. HSBC India does not distribute or refer investment products to those persons who are either the citizens or residents of United States of America (USA), Canada or any other jurisdiction where such distribution or referral would be contrary to law or regulation.\nHSBC India is an AMFI-registered Mutual Fund Distributor and an AMFI-registered Specialized Investment Fund (SIF) Distributor. HSBC India distributes select mutual fund schemes and SIF strategies of empanelled Asset Management Companies, and acts as a referrer of other third-party investment products.
\nMutual Fund investments are subject to market risks, read all scheme-related documents carefully
\nAMFI-registered Mutual Fund Distributor | Date of Initial Registration: 19th Feb-2002 | ARN-0022 I Validity of ARN: 18th Feb- 2027
\nAMFI-registered SIF Distributor I Date of initial registration: 27th Oct 2025 | ARN-0022 I Validity of ARN : 26th Oct 2028
\nHSBC India will receive commission from HSBC Asset Management (India) Private Limited, in its capacity as a AMFI registered mutual fund distributor of HSBC Mutual Fund. The Sponsor of HSBC Mutual Fund is HSBC Securities and Capital Markets (India) Private Limited (HSCI), a member of the HSBC Group. Please note that HSBC India and the Sponsor being part of the HSBC Group, may give rise to real, perceived, or potential conflicts of interest. HSBC India has a policy in place to identify, prevent and manage such conflict of interest
\nFor more information related to investments in the securities market, please visit the SEBI Investor Website: https://investor.sebi.gov.in/ and the SEBI Saa₹thi Mobile App.\nMutual Fund investments are subject to market risks, read all scheme related documents carefully.
\nIssued by The Hongkong and Shanghai Banking Corporation Limited India . Incorporated in Hong Kong SAR with limited liability.
\nSingapore
\nIn Singapore, this document:
\n• has not been reviewed by any regulatory authority in Singapore or any other jurisdiction.
\n• is issued by HSBC Bank (Singapore) Limited (the "Bank") in the conduct of its business in Singapore and is for general information.
\n• is only meant for the person who received it and should not be copied or shared with others, either fully or partially, for any reason.
\n• must not be sent to the United States, Canada or Australia or to any other jurisdiction where sharing it is illegal. If someone uses or copies this document or video without permission, they could face legal action.
\n• gives a broad overview of the current economic environment and is not meant to be investment research or advice or a recommendation to buy or sell investments. Some parts might talk about future events, but these are just predictions and not promises nor guarantees of future performance or events. Actual results might turn out differently due to various reasons. The Bank is not responsible for updating these predictions or explaining why actual results could differ from those predictions.
\n• does not create any contracts and isn’t meant as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction where it is not legal. Investments can increase or decrease in value, and you might not get back the amount you initially invested. Investments come with market risks, so it is important to read all investment-related documents carefully. The opinions shared are from the HSBC Global Investment Committee at the time of creating this document or video and reflect its global perspective, which might differ from local views of the Bank. These opinions can change anytime and might not match HSBC Asset Management‘s current portfolios’ composition. HSBC Asset Management manages individual portfolios based on each client’s objectives, risk preferences, time horizon, and market conditions.
\n• has not been created following legal requirements for independent investment research and is not subject to any prohibition on dealing ahead of its dissemination.
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\nInvesting overseas can lead to changes in the value of your investments due to currency exchange rates, which may cause them to rise or fall. Emerging markets are riskier and more unpredictable compared to established markets. These economies often depend heavily on international trade and can be adversely impacted by trade barriers, currency controls, adjustments in currency values, the economic conditions of their trading partners and other protective measures imposed by those partners.
\nWe are not responsible for the accuracy and/or completeness of any third-party information obtained from sources we believe to be reliable but have not independently verified.
\nMainland China
\nIn mainland China, this document is distributed by HSBC Bank (China) Company Limited (“HBCN”) to its customers for general reference only. This document is not, and is not intended to be, for the purpose of providing securities and futures investment advisory services or financial information services, or promoting or selling any wealth management product. This document provides all content and information solely on an "as-is/as-available" basis. You SHOULD consult your own professional adviser if you have any questions regarding this document.
\nThe material contained in this document is for general information purposes only and does not constitute investment research or advice or a recommendation to buy or sell investments. Some of the statements contained in this document may be considered forward looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. HSBC India does not undertake any obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investments are subject to market risk, read all investment related documents carefully.
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\n© Copyright 2026. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED. No part of this document may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\nImportant information on sustainable investing
\n“Sustainable investments” include investment approaches or instruments which consider environmental, social, governance and/or other sustainability factors (collectively, “sustainability”) to varying degrees. Certain instruments we include within this category may be in the process of changing to deliver sustainability outcomes.
\nThere is no guarantee that sustainable investments will produce returns similar to those which don’t consider these factors. Sustainable investments may diverge from traditional market benchmarks. In addition, there is no standard definition of, or measurement criteria for sustainable investments, or the impact of sustainable investments (“sustainability impact”). Sustainable investment and sustainability impact measurement criteria are (a) highly subjective and (b) may vary significantly across and within sectors.
\nHSBC may rely on measurement criteria devised and/or reported by third party providers or issuers. HSBC does not always conduct its own specific due diligence in relation to measurement criteria. There is no guarantee: (a) that the nature of the sustainability impact or measurement criteria of an investment will be aligned with any particular investor’s sustainability goals; or (b) that the stated level or target level of sustainability impact will be achieved.
\nSustainable investing is an evolving area and new regulations may come into effect which may affect how an investment is categorised or labelled. An investment which is considered to fulfil sustainable criteria today may not meet those criteria at some point in the future.
\n"},"hsbc-life-factor-study":{"name":"HSBC Life +Factor Study","anchor":"hsbc-life-factor-study","html":"https://dyrfdimwippjl.cloudfront.net/content/2022/10/17111422/HSBC_Global-Report_Final-10-Oct-22-4.pdf"},"carry-trades":{"name":"Carry trades","anchor":"carry-trades","html":"Carry trades refer to the strategy of using borrowed lower-yield currencies to buy securities denominated in higher-yielding currencies."},"heat-on-holidays-08":{"name":"Climate-induced","anchor":"climate-induced","html":"Climate-induced variations in global wildfire danger from 1979 to 2013, Nature communications, 14 July 2015"},"heat-on-holidays-07":{"name":"CNN","anchor":"cnn","html":"CNN, At a mountain resort with no real snow, skiing faces a total wipe-out, 28 February 2024"},"heat-on-holidays-06":{"name":"European Commission","anchor":"european-commission","html":"European Commission, shifts in distribution of bird species due to climate change may compromise ecosystem services, October 2022"},"heat-on-holidays-01":{"name":"Sea level","anchor":"sea-level","html":"Sea level (around Japan), Japan Meteorological Agency, 15 February 2023"},"heat-on-holidays-04":{"name":"Sea level rise under climate change","anchor":"sea-level-rise-under-climate-change","html":"Sea level rise under climate change: Implications for beach tourism in the Caribbean, Ocean & Coastal Management, 15 June 2022"},"heat-on-holidays-03":{"name":"Extreme sea levels","anchor":"extreme-sea-levels","html":"Extreme sea levels at different global warming levels, Nature Climate Change, 30 August 2021"},"heat-on-holidays-02":{"name":"Global sea-level","anchor":"global-sea-level","html":"Global sea-level rise and implications, World Meteorological Organization"},"aid-data":{"name":"AidData","anchor":"aiddata","html":"AidData, November 2023. “Belt and Road Reboot: Beijing’s Bid to De-Risk Its Global Infrastructure Initiative”. Accessed at https://www.aiddata.org/publications/belt-and-road-reboot"},"nisa":{"name":"NISA","anchor":"nisa","html":"With effect from 1 January 2024, investment limits for NISA (which provides capital gains tax exemptions) were raised by 2-3 times (to JPY3.6m per year and JPY12-18m in total)."},"heat-on-holidays-05":{"name":"Climate crisis","anchor":"climate-crisis","html":"Climate crisis puts half of coral reefs at risk by 2035, WEF, 18 October 2022"},"health-is-wealth-01":{"name":"Health is wealth-01","anchor":"health-is-wealth-01","html":"https://internationalservices.hsbc.com/content/dam/hsbc/hsbcis/docs/reports/quality-of-life/quality-of-life-report-2023.pdf"},"health-is-wealth-02":{"name":"Health is wealth-02","anchor":"health-is-wealth-02","html":"https://dyrfdimwippjl.cloudfront.net/content/2022/10/17111422/HSBC_Global-Report_Final-10-Oct-22-4.pdf"},"mortgages-zero-cost-campaign":{"name":"mortgages-zero-cost-campaign","anchor":"mortgages-zero-cost-campaign","html":"HSBC/ HSBC Amanah Zero Moving Cost Campaign 2026 terms and conditions (PDF) apply. Promotion period runs from 1 January to 31 December 2026. Eligible customers will enjoy zero moving costs, capped at RM50,000 and with a 5-year lock-in period. A minimum application and approved home financing of RM500,000 (for Klang Valley, Penang Island and Johor Bahru) or RM300,000 (for all other states including Penang Mainland and other districts of Johor) is required."},"fx-viewpoint-2024-06-03-1":{"name":"Carry trades 02","anchor":"carry-trades-02","html":"A carry trade typically involves borrowing in a low-interest rate currency (known as “funding currency”) and converting the borrowed amount into another currency or financial product with a higher rate of return."},"affluent-investor-snapshot-2024":{"name":"Affluent Investor Snapshot 2024","anchor":"affluent-investor-snapshot-2024","html":"The Affluent Investor Snapshot 2024, a Global Quality of Life special report by HSBC, delves into the investment portfolios, behaviours, and priorities of affluent individuals worldwide. Conducted in March 2024 through an online survey across 11 markets, this research captures insights from 11,230 affluent investors aged 25 to 69, each possessing investable assets ranging from USD 100,000 to USD 2 million."},"universal-assuredtreasure-aggregated":{"name":"universal-assuredtreasure-aggregated","anchor":"universal-assuredtreasure-aggregated","html":"The aggregated basic premium payable for HSBC's Universal AssuredTreasure and any other guaranteed issuance products as may be determined by us in respect of the same life assured shall not exceed RM2,000,000 per life. Terms and conditions apply."},"universal-assuredtreasure-in-force":{"name":"universal-assuredtreasure-in-force","anchor":"universal-assuredtreasure-in-force","html":"Subject to the policy being in force and all premiums due and any interest charged on the late premium payment are being paid."},"potential-investment-upside":{"name":"potential-investment-upside","anchor":"potential-investment-upside","html":"The potential investment upside is not guaranteed and may vary according to the actual investment performance of the Allianz Universal Life Fund II."},"coalition-partner-states":{"name":"coalition partner states","anchor":"coalition-partner-states","html":"1Special financial support of INR150bn, through multilateral development agencies to Andhra Pradesh in the current financial year, financial support of INR 115bn to Bihar for irrigation and flood mitigation projects."},"tariff-exemption":{"name":"tariff exemption","anchor":"tariff-exemption","html":"Goods covered by the North American trade agreement (USMCA) have been granted a temporary tariff exemption, until 2nd April"},"swcorp":{"name":"SWCorp","anchor":"swcorp","html":"SWCorp Malaysia.Kompendium Pengurusan Sisa Pepejal Malaysia 2019; Solid Waste Corporation Malaysia: Cyberjaya, Malaysia, 2019"},"why-esg-matters-04-12":{"name":"Tang, F. H. M., et al","anchor":"tang-f-h-m-et-al","html":"Tang, F. H. M., et al., Risk of pesticide pollution at the global scale, Nature Geoscience, March 2021."},"why-esg-matters-04-13":{"name":"D Amienyo, A Azapagic","anchor":"d-amienyo-a-azapagic","html":"D Amienyo, A Azapagic, Life cycle environmental impacts and costs of beer production and consumption in the UK, The International Journal of Life Cycle Assessment, 2016."},"why-esg-matters-04-16":{"name":"IPA","anchor":"ipa","html":"How your favorite IPA is contributing to climate change, Cascade PBS, 2022."},"why-esg-matters-04-14":{"name":"R Nieto-Villegas et al","anchor":"r-nieto-villegas-et-al","html":"R Nieto-Villegas et al., Effects on beer attribute preferences of consumers’ attitudes towards sustainability: The case of craft beer and beer packaging, Journal of Agriculture and Food Research, March 2024."},"why-esg-matters-04-15":{"name":"YouGov survey","anchor":"yougov-survey","html":"YouGov survey shows rise in popularity of low and no alcohol alternatives, Portman Group, 2024."},"why-esg-matters-04-01":{"name":"HCSD","anchor":"hcsd","html":"The HSBC Climate Solutions Database aims to define an investment opportunity set within the global climate change space. The Database was launched in 2007 and currently consists of over 3,000 global companies across all major regions and markets. The climate exposure of companies in the Database is determined based on the proportion of revenues they derive from climate change-related solutions."},"why-esg-matters-04-05":{"name":" World Energy","anchor":"world-energy","html":"IEA – World Energy Investment 2025 – License: CC by 4.0"},"why-esg-matters-04-04":{"name":"Sustainable funds","anchor":"sustainable-funds","html":"Sustainable funds invest in a wider universe of stocks than the climate stocks in the HCSD."},"why-esg-matters-04-03":{"name":"Sustainable equity funds","anchor":"sustainable-equity-funds","html":"We use Morningstar’s data for sustainable fund flows, which they classified as ‘Sustainable Investment’. Morningstar defines a Sustainable Investment fund as a fund explicitly indicating any kind of sustainability, impact or ESG strategy in their prospectus or offering documents."},"why-esg-matters-04-02":{"name":"HSBC Global Investment Research","anchor":"hsbc-global-investment-research","html":"HSBC Global Investment Research compute climate stocks’ aggregate price performance using market-cap weight of companies in the HCSD, with at least 10% revenue exposure to climate-change related businesses. YTD performance data as of 16-October 2025."},"why-esg-matters-04-08":{"name":"E Rezaei, et. al","anchor":"e-rezaei-et-al","html":"E Rezaei, et. al., The potential of crop models in simulation of barley quality traits under changing climates: A review, Field Crops Research, 2022."},"why-esg-matters-04-11":{"name":"D Amienyo","anchor":"d-amienyo","html":"D Amienyo, A Azapagic, Life cycle environmental impacts and costs of beer production and consumption in the UK, The International Journal of Life Cycle Assessment, 2016."},"why-esg-matters-04-09":{"name":"V Nesvadba et al","anchor":"v-nesvadba-et-al","html":"V Nesvadba et al., Evaluation of Czech hop varieties in beer, Kvasny Prumysl 67, 2021; P Ghosh, Fears for the future of the great British pint of beer, BBC, 26 March 2024."},"why-esg-matters-04-07":{"name":"W Xie et al","anchor":"w-xie-et-al","html":"W Xie et al., Decreases in global beer supply due to extreme drought and heat, Nature Plants 2018."},"why-esg-matters-04-06":{"name":"Solar PV","anchor":"solar-pv","html":"IEA – Solar PV"},"why-esg-matters-04-10":{"name":"A A Olajire","anchor":"a-a-olajire","html":"A A Olajire, The brewing industry and environmental challenges, Journal of Cleaner Production, Volume 256, May 2020."},"hard-landing":{"name":"hard landing","anchor":"hard-landing","html":"A hard landing is when the Fed increases interest rates and decreases inflation but at the cost of a recession and high unemployment; while there is not an exact definition of a soft landing which could include cases like a mild recession to no recession without very high unemployment (Engemann, K. M. (2023) The Federal Reserve Bank of St. Louis. Available at https://www.stlouisfed.org/open-vault/2023/october/what-soft-landing-economy-means-data-tolook-at (Accessed: 22 August 2024)"},"peace-of-mind-through-diversification-1":{"name":"HSBC Quality of Life Report 2024","anchor":"hsbc-quality-of-life-report-2024","html":"The HSBC Quality of Life Report 2024 interviewed over 11,230 individuals across 11 different markets to understand what they consider to be a good Quality of Life. The report uncovers the connections and balance between physical and mental wellness with financial fitness and how they differ between generations. It also explores 4 main priorities shaping how people plan and prepare for their short, medium, and long-term life goals."},"india-economics-03-04":{"name":"india-economics-03-04","anchor":"india-economics-03-04","html":"Global warming is indeed a well-documented reality."},"india-economics-03-03":{"name":"india-economics-03-03","anchor":"india-economics-03-03","html":"India’s Meteorological Department has discussed it in it’s latest press release on May 1, 2026"},"india-economics-03-07":{"name":"india-economics-03-07","anchor":"india-economics-03-07","html":"See: Rising temperatures threaten India's crop yields and food security, IDR (idronline.org), August 2022"},"india-economics-03-06":{"name":"india-economics-03-06","anchor":"india-economics-03-06","html":"Indeed, scientists and researchers project that a 2.5-4.9 degrees Celsius increase in temperature across the country could lead to a decrease in wheat yields of 41-52%, and a fall in rice yields of 32-40%. See: Climate change and agriculture in India, Ministry of Science and Technology, Government of India, January 2016. Also see: Gallé, J., Katzenberger, A. Indian Agriculture Under Climate Change: The Competing Effect of Temperature and Rainfall Anomalies, July 2024"},"india-economics-03-05":{"name":"india-economics-03-05","anchor":"india-economics-03-05","html":"Heatwaves in India are Starting Earlier and Spreading Wider, Warn Experts| Outlook Business, 1 May 2026"},"india-economics-03-02":{"name":"india-economics-03-02","anchor":"india-economics-03-02","html":"For instance, they are much lower now in the important sowing month of July than they used to be. Not a surprise that seasonality patterns in food prices are changing too."},"why-esg-matter-2-3":{"name":"Government of Ireland","anchor":"government-of-ireland","html":"Government of Ireland, Ireland’s National AI Strategy: AI - Here for Good, October 2024"},"why-esg-matter-2-2":{"name":"Raising ambition and accelerating","anchor":"raising-ambition-and-accelerating","html":"Raising ambition and accelerating delivery of climate finance. Independent High-Level Expert Group on Climate Finance. November 2024"},"why-esg-matter-2-5":{"name":"National Engineering","anchor":"national-engineering","html":"National Engineering Policy Centre, Engineering Responsible AI: Foundations for Environmentally Sustainable AI, February 2025"},"why-esg-matter-2-4":{"name":"PwC, Sizing the prize","anchor":"pwc-sizing-the-prize","html":"PwC, Sizing the prize: What’s the real value of AI for your business and how can you capitalise?, 2017"},"why-esg-matter-2-1":{"name":"Artificial Intelligence Index Report 2025","anchor":"artificial-intelligence-index-report-2025","html":"Artificial Intelligence Index Report 2025, Stanford University Human-Centered Artificial Intelligence"},"india-economics-03-01":{"name":"india-economics-03-01","anchor":"india-economics-03-01","html":"Reservoirs not only capture contemporaneous rains, but also hold rain that has fallen in previous rain episodes. This is important at a time when unseasonal showers have increased in frequency."},"noofsiwtches":{"name":"noofsiwtches","anchor":"noofsiwtches","html":"Five (5) free switches per policy year. Subsequent switches within the same policy year will be charged RM10 per switch."},"loyaltybonusterms":{"name":"loyaltybonusterms","anchor":"loyaltybonusterms","html":"The Guaranteed Loyalty Bonus payout is subject to all premiums being paid up to date prior to the Loyalty Bonus payout. If there is any reduction in the Sum Assured due to claims and/or any withdrawal of Account Value, the reduction in the Sum Assured and/or the withdrawal amount shall be taken into consideration in the computation of the amount of Loyalty Bonus payable with the formula Loyalty Bonus = Insured Amount * Loyalty Bonus Rate (%) * (1- Withdrawal Amount/Total Premium Paid)"},"minpolicyterms":{"name":"minpolicyterms","anchor":"minpolicyterms","html":"Subject to a minimum coverage term of 20 years."},"premier-elite-life-insurance":{"name":"premier-elite-life-insurance","anchor":"premier-elite-life-insurance","html":"HSBC’s Universal Legacy (“this Plan”) is underwritten by Allianz Life Insurance Malaysia Berhad (Company No.104248-X) (“Allianz Life”) and HSBC Bank is the intermediary in distributing this Plan."},"premier-family-status-short":{"name":"Premier family status short","anchor":"premier-family-status-short","html":"For spouse and all children age 18-30. As long as Premier Family’s\nPrimary HSBC Premier customer in Malaysia meets the Premier\ncriteria."},"subject-destination-country":{"name":"Subject destination country","anchor":"subject-destination-country","html":"Subject to destination country’s local regulation and HSBC internal policy requirement."},"subject-host-country":{"name":"Subject host country","anchor":"subject-host-country","html":"Subject to host country/region’s approval."},"premier-elite-concierge-terms":{"name":"Premier elite concierge terms","anchor":"premier-elite-concierge-terms","html":"Subject to Premier Elite Concierge by Aspire Lifestyles Terms and Conditions."},"think-future-01":{"name":"Energy transition","anchor":"energy-transition","html":"Energy transition investment trends 2024 - BloombergNEF, January 2024"},"think-future-02":{"name":" Renewables 2023","anchor":"renewables-2023","html":"Renewables 2023 – International Energy Agency, January 2024"},"why-esg-matters-06-02":{"name":"kq","anchor":"kq","html":"'Key Questions on Energy and AI’, IEA, April 2026"},"why-esg-matters-06-04":{"name":"EAI","anchor":"eai","html":"'Energy and AI’, IEA, 2025"},"why-esg-matters-06-08":{"name":"National Center","anchor":"national-center","html":"National Center for Atmospheric Research"},"why-esg-matters-06-07":{"name":"Climate change","anchor":"climate-change","html":"Climate change: The black elephant in the airline cabin, Australian Institute of Business, 20 August 2020"},"why-esg-matters-06-06":{"name":"kq","anchor":"kq","html":"'Key Questions on Energy and AI’, IEA, April 2026"},"why-esg-matters-06-05":{"name":"GDC","anchor":"gdc","html":"'Global Data Center Power Demand Outlook’, BNEF, 2025"},"why-esg-matters-06-03":{"name":"GDC","anchor":"gdc","html":"'Global Data Center Power Demand Outlook’, BNEF, 2025"},"why-esg-matters-06-01":{"name":"CBRE","anchor":"cbre","html":"CBRE – The Infrastructure of AI: Power Needs, January 2025"},"intermediary-bank-charges":{"name":"Intermediary bank charges","anchor":"intermediary-bank-charges","html":"HSBC Global Money Transfers zero fees Campaign August 2026 Terms and Conditions apply to Conventional (PDF) and Amanah (PDF) customers. HSBC fees for Global Money Transfers made during this campaign period, which runs until 31 August 2026, will be waived. For your information, some beneficiary banks may impose charges prior to crediting the funds into the beneficiary's account. HSBC is unable to advise you of the beneficiary bank’s charges as they’re not within our control."},"fx-rates":{"name":"fx rates","anchor":"fx-rates","html":"All conversions and foreign exchange rates used or provided are indicative only and subject to change by the bank at any time, including intra-day changes, without notice. The final rate will be set when you confirm your transfer."},"elite-wealthplus-nopenalty":{"name":"elite-wealthplus-nopenalty","anchor":"elite-wealthplus-nopenalty","html":"Partial withdrawal penalty charges will be imposed if the Account Value balance after withdrawal is less than total Premiums paid. Minimum withdrawal amount is RM10,000 per withdrawal provided that the minimum Account Value balance after withdrawal shall be RM1,000."},"elite-wealthplus-15":{"name":"elite-wealthplus-15","anchor":"elite-wealthplus-15","html":"The bonus payout will be credited into your policy account with a 100% allocation rate at the end of your 6th policy year. You need to have paid your premiums for all 6 years in full and up to date. There must have been no withdrawals made before the Loyalty Bonus is paid."},"elite-wealthplus-22":{"name":"elite-wealthplus-22","anchor":"elite-wealthplus-22","html":"The bonus payout will be credited into your policy account with a 100% allocation rate at the end of your 3rd, 6th and 9th policy year. You need to have paid your premiums for all 6 years in full and up to date. There must have been no withdrawals made before the Loyalty Bonus is paid."},"a-quality-of-life-special-report":{"name":"A Quality of Life special report","anchor":"a-quality-of-life-special-report","html":"The Affluent Investor Snapshot 2025, a global Quality of Life special report by HSBC, delves into the investment portfolios, behaviours, and priorities of affluent individuals worldwide. Conducted in March 2025 through an online survey across 12 markets, this research captures insights from 10,797 affluent investors aged 21 to 69, each possessing investable assets ranging from USD 100K to USD 2M. The Rise of Multi Retirements report explores the theme of mini and multi retirements using the insights from the Affluent Investor Snapshot, specifically delving into the behaviors and priorities of affluent individuals with a focus on mini retirement."},"intentional-pauses":{"name":"intentional pauses","anchor":"intentional-pauses","html":"These pauses don't cover career changes such as redundancy or parental leave after the birth of a child."},"article-bfm-podcast":{"name":"article-bfm-podcast","anchor":"article-bfm-podcast","html":"BFM 89.9 The Business Station, The Key To Living Longer and Better"},"article-longevitystat":{"name":"article-longevitystat","anchor":"article-longevitystat","html":"Department of Statistics Malaysia, Life Expectancy Dashboard"},"premier-apple-promo-2026":{"name":"premier-apple-promo-2026","anchor":"premier-apple-promo-2026","html":"HSBC Premier Q3 2026 Bancassurance Campaign Terms and Conditions (PDF) apply. Promotion period is from 1 July to 30 September 2026. This promotion is open to all new and existing HSBC customers who purchase any participating bancassurance product. Rewards are limited and rewarded to eligible customers on a first come, first served basis. The gold and Apple product images shown are for illustration purposes only and will be awarded in the form of Tomei and Switch Malaysia vouchers. Tomei and Apple are not a participant in or sponsor of this promotion. The trade name and logo of Apple are trademarks belonging to Apple Inc. HSBC is not in any way endorsing, approving or supporting the use of any brand or merchandise sold by Apple or Tomei."},"premier-elite-bancassurance-tnc-2026":{"name":"premier-elite-bancassurance-tnc-2026","anchor":"premier-elite-bancassurance-tnc-2026","html":"HSBC Q1 2026 Bancassurance Bundling Terms and Conditions apply. The Promotion is open to new and existing HSBC Premier and Advance customers."},"premier-elite-luxury-resort":{"name":"premier-elite-luxury-resort","anchor":"premier-elite-luxury-resort","html":"HSBC Premier Elite Luxury Retreat 2026 Promotion Terms and Conditions apply. This promotion is open to existing and new HSBC Premier customers who maintain a minimum average Total Relationship Balance (TRB) of RM10,000,000; and place a minimum of RM5,000,000 or foreign currency equivalent fresh funds into new investments or new insurance products, or a combination of both products during the Promotion Period."},"premier-mgm-cashback-long":{"name":"premier-mgm-cashback-long","anchor":"premier-mgm-cashback-long","html":"HSBC Premier Referral Program 2026 Terms and Conditions apply (PDF).
\nPhase 1 - Referral Period from 1 January to 31 March 2026.
\nPhase 2 - Referral Period from 1 April to 30 June 2026.
\nPhase 3 - Referral Period from 1 July to 30 September 2026.
\nPhase 4 - Referral Period from 1 October to 31 December 2026.
\nSuccessful Referral Period from 1 October 2026 to 31 January 2027.
\nEach eligible customer stands to receive cashback for a maximum of 6 successful referrals. Successful referrals refer to a potential customer referred by the eligible customer during the respecting successful referral period; who successfully opens an HSBC Premier Account under this programme. Cashback is pooled together with 'HSBC Amanah Premier Referral Programme 2026. HSBC Bank is the sole provider of the cashback. The terms used herein are as defined in the HSBC Premier Referral Programme 2026 Terms & Conditions.
\n"},"insurance-universalincomeplus-critical-illness-conditions":{"name":"insurance-universalincomeplus-critical-illness-conditions","anchor":"insurance-universalincomeplus-critical-illness-conditions","html":"Subject to 3 years waiting period and terms and conditions stipulated in the contract."},"premier-card-acquisition-2026":{"name":"premier-card-acquisition-2026","anchor":"premier-card-acquisition-2026","html":"HSBC Premier Cards Acquisition Promotion Q1 2026 Terms and Conditions apply. Promotion Period is from 1 January to 31 March 2026. This Promotion is open to new and existing Premier Elite and Premier customers who currently do not hold any primary Participating HSBC Credit Card/-i(s); and new and existing Premier Elite customers who currently do not hold HSBC Premier World Travel Credit Card."},"premier-td-wealth-bundle-2026":{"name":"premier-td-wealth-bundle-2026","anchor":"premier-td-wealth-bundle-2026","html":"HSBC Premier Q3 2026 Wealth Bundling Terms and Conditions (PDF) apply. Promotion period is from 1 July to 30 September 2026. This promotion is open to all HSBC Premier customers. All Term/ Time Deposit/-i (TD/-i) placements must be made with new funds at HSBC/ HSBC Amanah branch. The minimum amount of TD/-i placement is MYR20,000. No interest/profit shall be payable in the event the TD/-i is withdrawn prior to the maturity of the placement, whether wholly or partially, regardless of the number of completed months at the time of premature withdrawal. The following annual effective rates are applicable, based on board rate as of 8 June 2026:
\nThese board rates are variable and subject to daily fluctuation without prior notice.
\n"},"premier-td-promo-2026":{"name":"premier-td-promo-2026","anchor":"premier-td-promo-2026","html":"HSBC New to Premier Time / Term Deposit/-i Promotion Q1 2026 Terms and Conditions apply. Promotion period from 1 January to 31 March 2026. This promotion is open to new HSBC Premier customers. All time deposit (TD/-i) placements must be made with new funds by the eligible customers under this promotion and completed within the promotion period. The minimum single TD/-i placement amount is RM50,000 for MYR TD/-i or USD10,000 for USD TD/-i. The maximum TD/-i placement limit for each eligible customer is up to RM300,000 or its equivalent for HSBC Premier customers and RM1,000,000 or its equivalent for HSBC Premier Elite customers. No interest shall be payable in the event that the time deposit placement is withdrawn prior to the maturity of the placement, whether wholly or partially, regardless of the number of completed months at the time of premature withdrawal. The total TD/-i placements capping amount for this promotion is RM600 million or equivalent, which is pooled together with the “HSBC Amanah New to Premier Term Deposit-i Promotion Q1 2026”. HSBC Bank is the sole provider for this promotion. Promotional rates are subject to Overnight Policy Rate revision. Annual effective rate for 6 months TD/-i rate 4.38% p.a. (USD) is 3.29% p.a. with current board rate of 2.20% p.a. The annual effective rate stated above is based on the board rate as of 3 November 2025. The USD TD/-i board rates are variable and are subject to daily fluctuation without prior notice."},"premier-bancassurance-bundling-2026":{"name":"premier-bancassurance-bundling-2026","anchor":"premier-bancassurance-bundling-2026","html":"HSBC Q3 2026 Bancassurance Bundling Terms and Conditions (PDF) apply. Promotion period is from 1 July to 30 September 2026. This promotion is open to all HSBC Premier customers. All Term/ Time Deposit/-i (TD-i) placements must be made with new funds at HSBC/HSBC Amanah branch. The minimum amount of TD/-i placement is MYR20,000. No interest/ profit shall be payable in the event the TD/-i is withdrawn prior to the maturity of the placement, whether wholly or partially, regardless of the number of completed months at the time of premature withdrawal. For TD-i, Eligible Customer agrees to grant waiver to the interest/ profit payable in case of premature withdrawal. Annual effective rate for 3 months TD/-i rate 10.88% p.a. is 4.79% p.a. with current board rate of 3.02% p.a. The following annual effective rates are applicable, based on board rate as of 19 June 2026:
\nFor 3 months TD/-i rate 9.88% p.a. is 3.93% p.a. with current board rate of 1.95% p.a.
\nFor 3 months TD/-i rate 9.08% p.a. is 4.54% p.a. with current board rate of 3.02% p.a.
\nFor 3 months TD/-i rate 8.88% p.a. is 3.68% p.a. with current board rate of 1.95% p.a.
\nThe MYR TD/-i board rates are subject to change from time to time with prior notice. However, the USD TD/-i board rates are variable and subject to daily fluctuation without prior notice.
\n"},"insurance-universalincomeplus-potential-upside-return":{"name":"insurance-universalincomeplus-potential-upside-return","anchor":"insurance-universalincomeplus-potential-upside-return","html":"The potential investment upside is not guaranteed and may vary according to the actual investment performance of the Allianz Universal Life Fund III."},"insurance-universalincomeplus-premiums-paid":{"name":"insurance-universalincomeplus-premiums-paid","anchor":"insurance-universalincomeplus-premiums-paid","html":"The aggregated TPP for HSBC UniversalIncome Plus and any other guaranteed issuance product, as may be determined by us in respect of the same LA, shall not exceed RM4,000,000 per life. Terms and conditions apply."},"uk-in-focus-dis-2026":{"name":"UK In Focus DIs 2026","anchor":"uk-in-focus-dis-2026","html":"This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is distributed by HSBC Continental Europe, HBAP, HSBC Bank (Singapore) Limited, HSBC Bank (Taiwan) Limited, HSBC Bank Malaysia Berhad (198401015221 (127776-V))/HSBC Amanah Malaysia Berhad (200801006421 (807705-X)), The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), HSBC Bank Middle East Limited, HSBC UK Bank plc, HSBC Bank plc, Jersey Branch, and HSBC Bank plc, Guernsey Branch, HSBC Private Bank (Suisse) SA, HSBC Private Bank (Suisse) SA DIFC Branch, , HSBC Financial Services (Lebanon) SAL, HSBC Private banking (Luxembourg) SA, and The Hongkong and Shanghai Banking Corporation Limited (collectively, the “Distributors”) to their respective clients. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer. HBAP has prepared this document based on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice. HBAP and the Distributors are not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HBAP and the Distributors give no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document. This document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You should not use or rely on this document in making any investment decision. HBAP and the Distributors are not\nresponsible for such use or reliance by you. You should consult your professional advisor in your jurisdiction if you have any questions regarding the contents of this document. You should not reproduce or further distribute the contents of this document to any person or entity, whether in whole or in part, for any purpose. This document may not be distributed to any jurisdiction where its distribution is unlawful.
\nThe following statement is only applicable to HSBC Bank (Taiwan) Limited with regard to how the publication is distributed to its customers: HSBC Bank (Taiwan) Limited (“the Bank”) shall fulfill the fiduciary duty act as a reasonable person once in exercising offering/conducting ordinary care in offering trust services/business. However, the Bank disclaims any guaranty on the management or operation performance of the trust business.
\nThe following statement is only applicable to by HSBC Bank Australia with regard to how the publication is distributed to its customers: This document is distributed by HSBC Bank Australia Limited ABN 48 006 434 162, AFSL/ACL 232595 (HBAU). HBAP has a Sydney Branch ARBN 117 925 970 AFSL 301737.The statements contained in this document are general in nature and do not constitute investment research or a recommendation, or a statement of opinion (financial product advice) to buy or sell investments. This document has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the document you should consider its appropriateness to you, with regard to your objectives, financial situation, and needs.
\nImportant Information about the Hongkong and Shanghai Banking Corporation Limited, India (“HSBC India”)
\nHSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. HSBC India is a distributor of mutual funds and referrer of investment products from third party entities registered and regulated in India. HSBC India does not distribute investment products to those persons who are either the citizens or residents of United States of America (USA), Canada, Australia or New Zealand or any other jurisdiction where such distribution would be contrary to law or regulation.
\nSingapore
\nIn Singapore, this document:
\n• has not been reviewed by any regulatory authority in Singapore or any other jurisdiction.
\n• is issued by HSBC Bank (Singapore) Limited (the "Bank") in the conduct of its business in Singapore and is for general information.
\n• is only meant for the person who received it and should not be copied or shared with others, either fully or partially, for any reason.
\n• must not be sent to the United States, Canada or Australia or to any other jurisdiction where sharing it is illegal. If someone uses or copies this document or video without permission, they could face legal action.
\n• gives a broad overview of the current economic environment and is not meant to be investment research or advice or a recommendation to buy or sell investments. Some parts might talk about future events, but these are just predictions and not promises nor guarantees of future performance or events. Actual results might turn out differently due to various reasons. The Bank is not responsible for updating these predictions or explaining why actual results could differ from those predictions.
\n• does not create any contracts and isn’t meant as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction where it is not legal. Investments can increase or decrease in value, and you might not get back the amount you initially invested. Investments come with market risks, so it is important to read all investment-related documents\ncarefully. The opinions shared are from the HSBC Global Investment Committee at the time of creating this document or video and reflect its global perspective, which might differ from local views of the Bank. These opinions can change anytime and might not match HSBC Asset Management‘s current portfolios’ composition. HSBC Asset Management manages individual portfolios based on each client’s objectives, risk preferences, time horizon, and market conditions.
\n• has not been created following legal requirements for independent investment research and is not subject to any prohibition on dealing ahead of its dissemination.
\n• is not meant to offer accounting, legal or tax advice. Before making any investment decision, consider consulting a financial adviser. If you decide not to seek advice, carefully assess if the investment product is suitable for you. It is recommended to obtain appropriate professional advice when needed.
\nInvesting overseas can lead to changes in the value of your investments due to currency exchange rates, which may cause them to rise or fall. Emerging markets are riskier and more unpredictable\ncompared to established markets. These economies often depend heavily on international trade and can be adversely impacted by trade barriers, currency controls, adjustments in currency values, the economic conditions of their trading partners and other protective measures imposed by those partners.
\nWe are not responsible for the accuracy and/or completeness of any third-party information obtained from sources we believe to be reliable but have not independently verified.
\nMainland China
\nIn mainland China, this document is distributed by HSBC Bank (China) Company Limited (“HBCN”) and HSBC FinTech Services (Shanghai) Company Limited to its customers for general reference only. This document is not, and is not intended to be, for the purpose of providing securities and futures investment advisory services or financial information services, or promoting or selling any wealth management product. This document provides all content and information solely on an "as-is/as-available" basis. You SHOULD consult your own professional adviser if you have any questions regarding this document.
\nThe material contained in this document is for general information purposes only and does not constitute investment research or advice or a recommendation to buy or sell investments. Some of\nthe statements contained in this document may be considered forward looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. HSBC India does not undertake any obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investments are subject to market risk, read all investment related documents carefully.
\n© Copyright 2026. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED.
\nNo part of this document may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\nImportant information on sustainable investing
\n“Sustainable investments” include investment approaches or instruments which consider environmental, social, governance and/or other sustainability factors (collectively, “sustainability”) to varying degrees. Certain instruments we include within this category may be in the process of changing to deliver sustainability outcomes.\nThere is no guarantee that sustainable investments will produce returns similar to those which don’t consider these factors. Sustainable investments may diverge from traditional market benchmarks.
\nIn addition, there is no standard definition of, or measurement criteria for sustainable investments, or the impact of sustainable investments (“sustainability impact”). Sustainable investment and sustainability impact measurement criteria are (a) highly subjective and (b) may vary significantly across and within sectors.
\nHSBC may rely on measurement criteria devised and/or reported by third party providers or issuers. HSBC does not always conduct its own specific due diligence in relation to measurement criteria. There is no guarantee: (a) that the nature of the sustainability impact or measurement criteria of an investment will be aligned with any particular investor’s sustainability goals; or (b) that the stated level or target level of sustainability impact will be achieved.
\nSustainable investing is an evolving area and new regulations may come into effect which may affect how an investment is categorised or labelled. An investment which is considered to fulfil sustainable criteria today may not meet those criteria at some point in the future.
\n"},"premier-elite-concierge-lounge-access":{"name":"Premier elite concierge lounge access","anchor":"premier-elite-concierge-lounge-access","html":"Only applicable to Primary Cardholder. Lounge access for the 13th and subsequent visit and accompanying guests (including Supplementary Cardholders) will be charged the lounge prevailing rates."},"gold-note-promotion":{"name":"gold-note-promotion","anchor":"gold-note-promotion","html":"HSBC Bank Wealth 999.9 Gold Notes Phase 3 Promotion Terms and Conditions apply. Promotion period runs from 23 September 2024 to 30 November 2024. This promotion is open to new and existing active HSBC Premier Elite customer(s) that subscribe a minimum of RM3,800,000 or foreign currency equivalent into investment products, insurance products, or a combination of both products. The Limited Edition HSBC 999.9 Pure Gold Banknote will be pooled together with “HSBC Amanah Wealth 999.9 Gold Notes Phase 3 Promotion" and will be given out to the first 50 Eligible Customer(s) on a first come first serve basis. HSBC Bank is the sole provider for this promotion."},"travel-care-premier-elite-campaign":{"name":"travel-care-premier-elite-campaign","anchor":"travel-care-premier-elite-campaign","html":"Travel Care Premier Elite Campaign 2024 Terms and Conditions apply. This Promotion is open to HSBC Premier customers who purchase Travel Care Annual Plan (Worldwide Policy) during the Promotion Period using HSBC Credit Cards."},"premier-elite-insurance-campaign":{"name":"premier-elite-insurance-campaign","anchor":"premier-elite-insurance-campaign","html":"Premier Elite Insurance Campaign 2024 Terms and Conditions apply. The Eligible Customer(s) who fulfill the following criteria will be rewarded with complimentary Club Marriot Hotel Membership worth RM828 (“Reward”):
\ni. Purchase in any Participating Product(s) listed in the T&Cs and submits his/her application during the Promotion Period; and
\nii. Meets and pays the minimum premium required for the participating premium plans below:\na. RM 500,000 Single Premium Plan (“SP”);\nb. RM 250,000 Regular Premium Plan (“RP”) whereby the premium payment mode must be annual; and
\niii. Policy is issued by Allianz Life by 31 December 2024
\n"},"premier-elite-medical-benefits":{"name":"premier-elite-medical-benefits","anchor":"premier-elite-medical-benefits","html":"Privileged Medical Benefits are covered under HSBC’s EliteCare Plus (“this Plan”) which is underwritten by Allianz Life Insurance Malaysia Berhad and HSBC Bank is the intermediary in distributing this Plan. Terms and conditions apply."},"article-invest-imoney":{"name":"article-invest-imoney","anchor":"article-invest-imoney","html":"How Much Of Your Salary Should You Invest? iMoney online, https://www.imoney.my/articles/how-much-income-invest"},"why-esg-matter-01-9":{"name":"Nature-inspired","anchor":"nature-inspired","html":"Nature-inspired innovation policy: Biomimicry as a pathway to leverage biodiversity for economic development; A Lebdioui, Ecological Economics, 9 September 2022"},"why-esg-matter-01-8":{"name":"Lars Langenstuek","anchor":"lars-langenstuek","html":"Lars Langenstuek, The Merging of AI and Biomimicry in Design, 20 September 2023"},"why-esg-matter-01-10":{"name":"biomimicry.org","anchor":"biomimicry-org","html":"biomimicry.org/rayofhopeprize/"},"why-esg-matter-01-7":{"name":"Nature-inspired ","anchor":"nature-inspired","html":"Nature-inspired innovation policy: Biomimicry as a pathway to leverage biodiversity for economic development; A Lebdioui, Ecological Economics, 9 September 2022"},"why-esg-matter-01-6":{"name":"Biomimetics for Sustainable","anchor":"biomimetics-for-sustainable","html":"Biomimetics for Sustainable Developments—A Literature Overview of Trends, Jatsch et al., Biomimetics, 11 July 2023"},"why-esg-matter-01-3":{"name":"The Verge","anchor":"the-verge","html":"The Verge, Butterfly wings inspire a better way to absorb light in solar panels, 19 October 2017"},"why-esg-matter-01-1":{"name":"Power Technology","anchor":"power-technology","html":"Power Technology, Biomimicry: powering the world with lessons from nature, 18 August 2020"},"why-esg-matter-01-2":{"name":"Influence of leading","anchor":"influence-of-leading","html":"Influence of leading-edge tubercles on the aerodynamic performance of a horizontal-axis wind turbine: A numerical study; Wenliang Ke et al., Energy, 15 January 2022"},"why-esg-matter-01-5":{"name":"ISunil Sharma","anchor":"isunil-sharma","html":"ISunil Sharma and Prabir Sarkar, Research into Design for a Connected World: Biomimicry: Exploring Research, Challenges, Gaps, and Tools, January 2019"},"premier-td-wealth-bundle":{"name":"premier-td-wealth-bundle","anchor":"premier-td-wealth-bundle","html":"HSBC Premier Q2 2025 Wealth Bundling Terms & Conditions (PDF) apply (“Promotion”). This promotion is open to new and existing active HSBC Premier customers. The minimum investment amount in wealth products and the TD/-i, as well as the ratio, must be accordance with the amount stated in the Terms & Conditions. A maximum limit of MYR177 million TD/-i placements applies collectively throughout the promotion period, which is pooled together with 'HSBC Amanah Premier Q2 2025 Wealth Bundling'. All TD-i placements under this promotion must be made with new funds. HSBC Bank is the sole provider for this promotion. TD/-i promotional rates are subject to Overnight Policy Rate revision. Annual effective rate for 3 months TD/-i rate 6.38% per annum is 3.25% per annum with current 9 months board rate of 2.20% per annum."},"bancassurance":{"name":"bancassurance","anchor":"bancassurance","html":"HSBC Q2 2025 Bancassurance Bundling Terms & Conditions (PDF) apply (“Promotion”). The Promotion is open to new and existing active HSBC Premier and HSBC Advance customer(s). The minimum investment amount in Banca Products and the TD/-i, as well as the ratio, must be accordance with the amount stated in the Terms & Conditions. A maximum limit of RM64 million TD/-i placements apply collectively throughout the Promotion Period, which is pooled together with 'HSBC Amanah Q2 2025 Banca-Takaful Bundling Campaign'. All TD/-i placements under this Promotion must be made with New Funds. HSBC Bank is the sole provider for this Promotion. TD/-i Promotional Rates are subject to Overnight Policy Rate revision. Please refer to the Terms and Conditions for the definition of new and existing to Bancassurance product. Annual effective rate for 3 months TD/-i rate 6.38% per year is 3.25% per year with current 9 months board rate of 2.20% per year. Annual effective rate for 3 months TD/-i rate 8.38% per year is 3.75% per year with current 9 months board rate of 2.20% per year."},"my-tpin-ver":{"name":"my-tpin-ver","anchor":"my-tpin-ver","html":"Your telebanking PIN (TPIN) is a 6-digit personal identification number for authenticating your transactions through phone banking. You'll also need this TPIN for verification purposes."},"premier-welcome-3":{"name":"premier-welcome-3","anchor":"premier-welcome-3","html":"HSBC Global Money Transfers zero fees Campaign August 2026 Terms and Conditions apply to Conventional and Amanah customers. HSBC fees for Global Money Transfers made during this campaign period, which runs until 31 August 2026, will be waived. For your information, some beneficiary banks or third party intermediary banks may impose charges prior to crediting the funds into the beneficiary's account. HSBC is unable to advise you of the beneficiary bank or third party intermediary bank's charges as they’re not within our control."},"mgm-mortgage":{"name":"HSBC Mortgage Member-Get-Member (MGM)","anchor":"hsbc-mortgage-member-get-member-mgm","html":"HSBC Bank/ HSBC Amanah Mortgage Member-Get-Member (MGM) Campaign 2026 Terms and Conditions apply. Referral period lasts from 1 April to 31 December 2026 and successful referral period lasts from 1 April 2026 to 31 March 2027. Successful referrals refer to a potential customer referred by the eligible customer during the respective successful referral period; who successfully applies for and accepts with execution of the facility’s security documents."},"india-economics-05-02":{"name":"india-economics-05-02","anchor":"india-economics-05-02","html":"A formal sector worker is someone employed in a registered enterprise, with access to a regular salary and benefits such as pension, and covered under the tax and labour laws."},"india-economics-05-03":{"name":"india-economics-05-03","anchor":"india-economics-05-03","html":"An informal sector worker is employed in an unregistered enterprise without social security coverage."},"india-economics-05-01":{"name":"india-economics-05-01","anchor":"india-economics-05-01","html":"Estimates of unrealised export potential are based on the ITC export potential methodology and product list."},"affluent-investor-snapshot-2025":{"name":"Affluent Investor Snapshot 2025","anchor":"affluent-investor-snapshot-2025","html":"The Affluent Investor Snapshot 2025, a global Quality of Life special report by HSBC, delves into the investment portfolios, behaviours, and priorities of affluent individuals worldwide. Conducted in March 2025 through an online survey across 12 markets, this research captures insights from 10,797 affluent investors aged 21 to 69, each possessing investable assets ranging from USD 100,000 to USD 2 Million."},"newholderexclusive400":{"name":"newholderexclusive400","anchor":"newholderexclusive400","html":"This offer is exclusively available to new primary cardholders. Terms and conditions apply."},"newholderexclusive200":{"name":"newholderexclusive200","anchor":"newholderexclusive200","html":"This offer is exclusively available to new primary cardholders. Terms and conditions apply."},"mortgages-reward-campaign":{"name":"mortgages-reward-campaign","anchor":"mortgages-reward-campaign","html":"HSBC/HSBC Amanah Mortgage Reward Campaign 2025 Terms and Conditions apply. Promotion period is from 1 January to 30 June 2025. Eligible customers are entitled to up to RM5,000 worth of Harvey Norman Malaysia Gift Card. To participate, a loan application of at least RM1,000,000 and above is required for new loan or refinancing of completed/under-construction residential property/serviced apartment. The loan must be accepted within 2 months of loan approval and first disbursement must occur within the next 6 months. Fulfilment will be completed within 2 months from the first disbursement. Customers may choose their preferred gift item(s) amounting to the total value of the gift card"},"enjoy-a-luxurious-all-expenses-paid":{"name":"enjoy-a-luxurious-all-expenses-paid","anchor":"enjoy-a-luxurious-all-expenses-paid","html":"Exclusive for Premier Elite customers holding a minimum TRB of RM10,000,000 and subscribing a minimum of RM5,000,000 or foreign currency equivalent into new investment or insurance product, or a combination of both products during the Promotion Period. HSBC Bank Premier Elite Luxury Retreat Promotion Terms and Conditions apply."},"live-plus-annual-fee-waiver-tcs":{"name":"live-plus-annual-fee-waiver-tcs","anchor":"live-plus-annual-fee-waiver-tcs","html":"Your annual fee can be waived if you meet these requirements:
\na. Your annual spending is RM24,000 or above, which is the total retail spending in the 12 months prior to the annual fee charging date
\nb. Your annual spending is paid with either your primary card or your supplementary card(s)
\nc. Your primary card is applied between 1 August 2024 and 31 December 2025, with both dates inclusive
\n"},"global-money-transfers-service-availability":{"name":"global-money-transfers-service-availability","anchor":"global-money-transfers-service-availability","html":"HSBC Global Money Transfers service is available to customer with sole current or savings account(s) only. Debit transactions from joint accounts are not supported at this time; however, we are working towards enabling this feature in the near future."},"india-economics-01-01":{"name":"india-economics-01-01","anchor":"india-economics-01-01","html":"Acharya, Viral V., Rahul S. Chauhan, Raghuram Rajan, and Sascha Steffen (2022), “Liquidity Dependence: Why Shrinking Central Bank Balance Sheets Is an Uphill Task,” in Reassessing Constraints on the Economy and Policy, Federal Reserve Bank of Kansas City Economic Policy Symposium, Jackson Hole, pp. 345–421"},"india-economics-01-02":{"name":"india-economics-01-02","anchor":"india-economics-01-02","html":"The RBI announced OMO sale of government securities worth INR1trn across three tranches in September 2026 –INR0.5trn on 17 September, INR0.25trn on September 21 and INR0.25trn on 28 September 2026"},"india-economics-01-05":{"name":"india-economics-01-05","anchor":"india-economics-01-05","html":"Money Control Poll | RBI rate hike bets build, repo rate to be at least 5.75% by FY27-end| 15 September 2026"},"india-economics-01-06":{"name":"india-economics-01-06","anchor":"india-economics-01-06","html":"Business Standard | India, EU to push for long-pending free trade agreement by 2025-end, 28February 2025"},"india-economics-01-03":{"name":"india-economics-01-03","anchor":"india-economics-01-03","html":"We believe around INR3trn can be drained due to the rise in currency in circulation. INR3trn or so could be government deposits at RBI for the next few months. And the remaining INR3trn is in VRRRs."},"india-economics-01-04":{"name":"india-economics-01-04","anchor":"india-economics-01-04","html":"We add up spot FX sales, estimates of FX swaps and announcements of OMO sales"},"why-esg-matters-03-08":{"name":"The Carbon Trust","anchor":"the-carbon-trust","html":"The Carbon Trust, Carbon impact of video streaming, 2021."},"why-esg-matters-03-09":{"name":"Spotify Technology","anchor":"spotify-technology","html":"Spotify Technology S.A., Impact Report 2023."},"why-esg-matters-03-07":{"name":"G Kamiya","anchor":"g-kamiya","html":"G Kamiya, The carbon footprint of streaming video: fact-checking the headlines, IEA, 11 December 2020."},"why-esg-matters-03-11":{"name":"The Carbon Trust","anchor":"the-carbon-trust","html":"The Carbon Trust, Carbon impact of video streaming, 2021."},"why-esg-matters-03-10":{"name":"The Carbon Trust","anchor":"the-carbon-trust","html":"The Carbon Trust, Carbon impact of video streaming, 2021."},"why-esg-matters-03-12":{"name":"D Flakes et al","anchor":"d-flakes-et-al","html":"D Flakes et al, What You Should (and Shouldn’t) Do to Extend Your Phone’s Battery Life, NY Times, 25 February 2016."},"why-esg-matters-03-06":{"name":"The Cost of Music","anchor":"the-cost-of-music","html":"The Cost of Music, Kyle Devine, the University of Oslo, Dr Matt Brennan, the University of Glasgow. 2019."},"ais-article-3-3":{"name":"HSBC and the Wellbeing Research Centre","anchor":"hsbc-and-the-wellbeing-research-centre","html":"HSBC and the Wellbeing Research Centre at the University of Oxford have partnered to advance the understanding of the relationship between financial health and general wellbeing. The fellowship will conduct interdisciplinary research on the role and impact that different themes, such as financial fitness and mental wellbeing, play in our overall quality of life."},"ais-article-3-2":{"name":"Experts","anchor":"experts","html":"Experts include wealth and financial specialists, bank relationship managers (RMs), stockbrokers and insurance agents."},"noofswitches":{"name":"noofswitches","anchor":"noofswitches","html":"Five (5) free switches per policy year. Subsequent switches within the same policy year will be charged RM10 per switch."},"premier-total-relationship-balance":{"name":"premier-total-relationship-balance","anchor":"premier-total-relationship-balance","html":"To qualify for HSBC Premier, you must maintain a minimum Total Relationship Balance (TRB) of MYR300,000 (or its equivalent in foreign currencies)."},"premier-travel-insurance-2025":{"name":"premier-travel-insurance-2025","anchor":"premier-travel-insurance-2025","html":"Subject to Travel insurance by Mastercard Terms and Condition (PDF) apply."},"premier-family-child":{"name":"premier-family-child","anchor":"premier-family-child","html":"Premier Family extension of status to children will expire on the child's 30th birthday. Thereafter, the child would need to meet Premier eligibility criteria on their own to continue to enjoy the fee waiver. If the customer fails to meet any of the eligibility criteria, a monthly account fee of RM150 (and applicable tax, if any) will be charged."},"premier-customers":{"name":"premier-customers","anchor":"premier-customers","html":"Open to existing HSBC Malaysia customers who upgrade to HSBC Premier and non-HSBC Malaysia customers who join HSBC Premier."},"premier-healthcare-my":{"name":"premier-healthcare-my","anchor":"premier-healthcare-my","html":"HSBC Premier Healthcare Promotions and Privileges Terms and Conditions (PDF) apply. Promotion period is from 1 January to 31 December 2026. This promotion is open to all HSBC Premier Elite and HSBC Premier customers."},"global-data-roaming":{"name":"global-data-roaming","anchor":"global-data-roaming","html":"Global Data Roaming by FlexiRoam Terms and Conditions apply."},"premier-welcome-4":{"name":"premier-welcome-4","anchor":"premier-welcome-4","html":"HSBC International Education PrepWorks Consultation Services and Offers terms and conditions (PDF) apply. HSBC International Education AUG Consultation Services and Offers terms and conditions (PDF) apply."},"hsbc-atms":{"name":"hsbc-atms","anchor":"hsbc-atms","html":"Refer to our list of overseas HSBC ATMs (PDF). Applicable to withdrawal and purchase transactions carried out in a currency other than MYR will be debited to the account after conversion to MYR at the exchange rate determined by Visa International, on the date of conversion in addition to a foreign currency conversion fee of 1%. This is not applicable to transactions performed on the Everyday Global Debit Card and debited from the supported foreign currency credit balances. If there are insufficient credit balances in the supported foreign currency Everyday Global Account, the funds will be debited from the MYR account balances at the exchange rate determined by Visa International or the Bank, and a 1% conversion fee will be charged."},"premier-ecommerce-protection-terms":{"name":"premier-ecommerce-protection-terms","anchor":"premier-ecommerce-protection-terms","html":"Mastercard Terms and Conditions apply."},"travel-global-data-roaming-tncs":{"name":"travel-global-data-roaming-tncs","anchor":"travel-global-data-roaming-tncs","html":"Subject to Global Data Roaming by Flexiroam Terms and Conditions."},"premier-smartprivileges-terms":{"name":"premier-smartprivileges-terms","anchor":"premier-smartprivileges-terms","html":"HSBC SmartPrivileges terms and conditions (PDF) apply."},"premier-world-mastercard-reward-point":{"name":"premier-world-mastercard-reward-point","anchor":"premier-world-mastercard-reward-point","html":"Terms & Conditions for HSBC Premier World Mastercard Credit Card Programme (PDF). 1x Reward Points will be awarded for every RM1.00 Eligible Spend transaction charged and posted to your HSBC Premier World Mastercard Credit Card and there is no capping on the 1x Reward Points. Additional Reward Points ("ARP") subject to capping are awarded for the following categories of spend: Contactless Purchases, Groceries, Online Shopping and Overseas Spend. Additional Reward Points Cap per month is as follows: 8,000 ARP for Contactless Purchases, 4,000 ARP for Groceries, 4,000 ARP for Online Purchases and 15,000 ARP for Overseas Spend (an additional cap of 185,000 Rewards points will be granted to you if you meet the account minimum eligibility criteria for the account stated in https://www.hsbc.com.my/premier/ for HSBC Premier (valid till 31 December 2026). Additional Reward Points for online purchases are awarded only on transactions made in Malaysian Ringgit online from participating merchants: Lazada, Fave, Grab, Shopee and Zalora. Additional Reward Points for overseas spend are awarded on spend that is posted to your HSBC Premier World Mastercard Credit Card account for face-to-face transactions made in foreign currency outside Malaysia. The terms used herein are as defined in the Programme Terms and Conditions."},"mastercard-terms":{"name":"mastercard-terms","anchor":"mastercard-terms","html":"Mastercard Terms and Conditions apply."},"my-premier-trb":{"name":"my-premier-trb","anchor":"my-premier-trb","html":"Applicable to Premier customers who meet the minimum Total Relationship Balance (TRB) eligibility (valid till 31 December 2026)."},"my-int-no-fee":{"name":"my-int-no-fee","anchor":"my-int-no-fee","html":"Receiving countries/territories available are Australia, Bermuda, mainland China, CIIOM, Egypt, Hong Kong, India, Indonesia, Jersey, Malta, Philippines, Qatar, Singapore, Taiwan, United Arab Emirates, United Kingdom, United States and Vietnam. This list will be expanding."},"premier-open-to-non-hsbc":{"name":"premier-open-to-non-hsbc","anchor":"premier-open-to-non-hsbc","html":"HSBC Premier Foreign Currency Time/Term Deposit/-i (TD/-i) Promotion Q1 2026 Terms and Conditions (PDF) apply. Promotion Period is from 1 January to 31 March 2026. This Promotion is open to new and existing active HSBC Premier customer(s). All TD/-i placements must be made with New Funds and completed within Promotion Period. Annual effective rate for 3 months TD/-i rate 4.05% p.a. is 3.47% p.a. with current board rate of 3.27% p.a. Annual effective rate for 3 months TD/-i rate 3.50% p.a. is 2.94% p.a. with current board rate of 2.75% p.a. Annual effective rate for 3 months TD/-i rate 4.15% p.a. is 3.43% p.a. with current board rate of 3.19% p.a."},"premier-bancassurance-bundling-2025":{"name":"premier-bancassurance-bundling-2025","anchor":"premier-bancassurance-bundling-2025","html":"HSBC Q4 2025 Bancassurance Bundling Terms & Conditions (PDF) apply (“Promotion”). Promotion period is from 1 October to 31 December 2025. The Promotion is open to new and existing active HSBC Premier and HSBC Advance customer(s). Annual effective rate for 3 months TD/-i rate 7.88% per annum is 3.62% per annum with current 9 months board rate of 2.20% per annum. Please refer to the Terms and Conditions for the definition of new and existing to Bancassurance product. The annual effective rate stated above is based on the board rate as of 25 September 2025. These board rates are variable and are subject to daily fluctuation without prior notice."},"premier-30-td-wealth-bundle":{"name":"premier-30-td-wealth-bundle","anchor":"premier-30-td-wealth-bundle","html":"HSBC Premier Q4 2025 Wealth Bundling Terms & Conditions (PDF) apply (“Promotion”). Promotion period is from 1 October to 31 December 2025. This promotion is open to existing active HSBC Premier customers. Annual effective rate for 3 months TD/-i rate 7.88% per annum is 3.62% per annum with current 9 months board rate of 2.20% per annum. Annual effective rate for 3 months TD/-i rate 5.88% per annum is 3.12% per annum with current 9 months board rate of 2.20% per annum. The annual effective rate stated above is based on the board rate as of 25 September 2025. These board rates are variable and are subject to daily fluctuation without prior notice."},"premier-fx-td":{"name":"premier-fx-td","anchor":"premier-fx-td","html":"HSBC Premier Foreign Currency Time/Term Deposit/-i Promotion Q3 2025 terms and conditions apply. Promotion Period is from 1 July 2025 to 30 September 2025. This Promotion is open to new and existing active HSBC Premier customers. All TD/-i placements must be made with New Funds and completed within the Promotion Period. Annual effective rate for 3 months TD/-i rate 4.50% per year is 3.86% per year with current 9 months board rate of 3.65% per year. Annual effective rate for 3 months TD/-i rate 3.80% per year is 2.88% per year with current 9 months board rate of 2.57% per year. Annual effective rate for 3 months TD/-i rate 4.30% per year. is 3.58% per year with current 9 months board rate of 3.34% per year."},"premier-acquisition-2025":{"name":"premier-acquisition-2025","anchor":"premier-acquisition-2025","html":"HSBC Premier Welcome Reward Promotion Amended Terms and Conditions (PDF) apply."},"prepworks-terms":{"name":"prepworks-terms","anchor":"prepworks-terms","html":"HSBC International Education PrepWorks Consultation Services and Offers terms and conditions (PDF) apply. HSBC International Education AUG Consultation Services and Offers terms and conditions (PDF) apply."},"premier-td-promo-2025":{"name":"premier-td-promo-2025","anchor":"premier-td-promo-2025","html":"HSBC New to Premier Time / Term Deposit/-i Promotion Q4 2025 Terms and Conditions (PDF) apply. Promotion period from 1 October to 31 December 2025. This promotion is open to new HSBC Premier customers. All time deposit (TD/-i) placements must be made with new funds by the eligible customers under this promotion and completed within the promotion period. Annual effective rate for 6 months TD-i rate 5.28% p.a. (USD) is 4.31% p.a. with current board rate of 3.34% p.a. Annual effective rate for 6 months TD/-i rate 4.28% p.a. (MYR) is 3.24% p.a. with current board rate of 2.20% p.a. The annual effective rate stated above is based on the board rate as of 25 September 2025. These board rates are variable and are subject to daily fluctuation without prior notice."},"travel-credit-cards-plaza-premium-lounge-tncs":{"name":"travel-credit-cards-plaza-premium-lounge-tncs","anchor":"travel-credit-cards-plaza-premium-lounge-tncs","html":"Terms and Conditions for HSBC Plaza Premium Lounge Programme. This programme is only applicable to primary cardholder. Each eligible cardholder is entitled to a maximum number of 12 complimentary visits a year. Lounge access for the 13th and subsequent visit and accompanying guests (including supplementary cardholders) will be charged the lounge prevailing rates. Any subsequent visit on the same day and any visit exceeding the 3 hour limit will be subject to the applicable charges listed at the respective lounge. List of eligible Plaza Premium Lounges."},"premier-travel-mastercard-reward-point":{"name":"premier-travel-mastercard-reward-point","anchor":"premier-travel-mastercard-reward-point","html":"Amended Terms & Conditions For HSBC Premier Travel Mastercard Credit Card apply. Air Miles awarded are capped at 20,000 Air Miles for overseas spend and 30,000 Air Miles for local spend per calendar month. Earn 1 Air Mile for every RM4 local spend."},"premier-welcome-1":{"name":"premier-welcome-1","anchor":"premier-welcome-1","html":"To qualify for HSBC Premier, you must keep a minimum Total Relationship Balance (TRB) of RM300,000 (or its equivalent in foreign currencies)."},"premier-fee-f-my":{"name":"premier-fee-f-my","anchor":"premier-fee-f-my","html":"Premier Family is applicable to primary Premier customers in Malaysia who maintain a Total Relationship Balance of at least RM300,000. Premier Family extension to the child will expire on their 30th birthday. Thereafter, the child would need to meet Premier eligibility on their own to continue to enjoy Premier privileges. If the customer fails to meet any of the above eligibility criteria, a Premier fee of the RM150 (and applicable tax, if any) will be charged."},"premier-fee-m-my":{"name":"premier-fee-m-my","anchor":"premier-fee-m-my","html":"From the 13th month onward, you must meet Premier Total Relationship Balance requirement of at least RM300,000 at all times. A Premier fee of RM150 (and applicable tax, if any) will be applied for any month you don’t meet the criterion."},"premier-fee-my":{"name":"premier-fee-my","anchor":"premier-fee-my","html":"Total Relationship Balance (TRB) refers to the aggregate balance of eligible account(s) maintained with HSBC Malaysia, calculated in accordance with our prevailing methodology, whereby:
\n(a) TRB reflected under an individual Customer’s name shall comprise the aggregate balance of all sole-name account(s) held by the Customer and all joint-name account(s) held by the Customer with any other party or parties; and,
\n(b) TRB assessed under a joint-name relationship shall comprise only the aggregate balance of the joint-name account(s) maintained between the same joint account holders, excluding any sole-name account(s) of the Customer or the joint account holder(s).
\nTRB denotes products of any combination of deposits and/ or wealth management products through HSBC Bank and/ or HSBC Amanah such as Deposits in Current Account/-i, Savings Account/-i, Time Deposits, Term Deposits-i, and/ or Investments in Unit Trust funds/ Shariah-compliant Unit Trust funds, Structured Investments/-i, Dual Currency Investments/-i and/or bond/sukuk, Cash value from Family Takaful/ Life Insurance products with investment-linked and savings components.
\nThis is the primary eligibility criterion for Premier. A Premier fee of RM150 (and applicable tax, if any) will be applied for any month you don’t meet the criterion.
\n"},"travel-credit-cards-dragonpass-lounge-tncs":{"name":"travel-credit-cards-dragonpass-lounge-tncs","anchor":"travel-credit-cards-dragonpass-lounge-tncs","html":"Terms and Conditions for Dragonpass Programme (PDF) apply. This programme is only applicable to primary cardholders. Each eligible cardholder is entitled to a maximum number of 12 complimentary visits a year."},"premier-travel-acquisition-2025":{"name":"premier-travel-acquisition-2025","anchor":"premier-travel-acquisition-2025","html":"Terms & Conditions For HSBC Premier Travel Mastercard Credit Card (PDF) apply. Air miles awarded are capped at 20,000 air miles for overseas spend and 30,000 air miles for local spend per calendar month. Earn 1 air mile for every RM4 local spend."},"hsbc-premier-travel-credit-card-terms":{"name":"hsbc-premier-travel-credit-card-terms","anchor":"hsbc-premier-travel-credit-card-terms","html":"Terms and conditions apply for all HSBC Premier Travel Credit Card Benefits. Visit www.hsbc.com.my/ptc for full details and terms & conditions."},"premier-elite-lifestyle-terms":{"name":"premier-elite-lifestyle-terms","anchor":"premier-elite-lifestyle-terms","html":"Subject to HSBC Premier Elite Lifestyle Privileges Terms and Conditions."},"premier-ntb-td-long":{"name":"premier-ntb-td-long","anchor":"premier-ntb-td-long","html":"HSBC New to Premier Time / Term Deposit/-i Promotion Q4 2025 Terms and Conditions (PDF) apply. Promotion period from 1 October to 31 December 2025. This promotion is open to new HSBC Premier customers. All time deposit (TD/-i) placements must be made with new funds by the eligible customers under this promotion and completed within the promotion period. Annual effective rate for 6 months TD-i rate 5.28% p.a. (USD) is 4.31% p.a. with current board rate of 3.34% p.a. Annual effective rate for 6 months TD/-i rate 4.28% p.a. (MYR) is 3.24% p.a. with current board rate of 2.20% p.a. The annual effective rate stated above is based on the board rate as of 25 September 2025. These board rates are variable and are subject to daily fluctuation without prior notice."},"elite-diamond":{"name":"elite-diamond","anchor":"elite-diamond","html":"HSBC’s EliteDiamond Terms and conditions apply. Visit https://www.hsbc.com.my/insurance/products/elitediamond/ for full details."},"premier-datail":{"name":"premier-datail","anchor":"premier-datail","html":"Exclusive for Premier Elite customers holding a minimum TRB of RM10,000,000 and subscribing a minimum of RM5,000,000 or foreign currency equivalent into new investment or insurance product, or a combination of both products during the Promotion Period. HSBC Bank Premier Elite Luxury Retreat Promotion Terms and Conditions apply (PDF)."},"salary-eligibility":{"name":"salary-eligibility","anchor":"salary-eligibility","html":"Salary eligibility criteria are not available via digital page or mobile application."},"advance-payroll":{"name":"advance-payroll","anchor":"advance-payroll","html":"Customer onboarded via Advance Payroll must provide one of these documents: latest Payslip/EPF statement, latest bank statement reflecting salary crediting, latest Form B/BE with tax payment receipt, latest Commission statement, latest CP58 or CP02, latest Business registration form/Valid Trading License/RAMCI or latest Letter of offer/employment letter (limited to EWS and MNC only)"},"premier-credit-card-2025":{"name":"premier-credit-card-2025","anchor":"premier-credit-card-2025","html":"HSBC Premier Credit Card Acquisition Promotion Q4 2025 Terms and Conditions (PDF) apply. Promotion period is from 1 October 2025 to 31 December 2025. Gift is on first come first served basis. Valid for participating HSBC Savings Account/i and HSBC credit card/i."},"foreign-currency-to-foreign-currency-transactions":{"name":"foreign-currency-to-foreign-currency-transactions","anchor":"foreign-currency-to-foreign-currency-transactions","html":"Applies to foreign currency to foreign currency transactions only. Exchange rates for foreign currency conversion involving Malaysia Ringgit is only available on business days. If you make a transfer on a non-business day, the actual amount to be debited will be based on the next business day's exchange rate."},"hsbc-premier-or-advance":{"name":"hsbc-premier-or-advance","anchor":"hsbc-premier-or-advance","html":"For HSBC Premier or HSBC Advance customers only. Subject to the destination country's local regulations and HSBC's internal policy requirements."},"uk-in-focus-dis":{"name":"uk-in-focus-dis","anchor":"uk-in-focus-dis","html":"This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is distributed by HSBC Continental Europe, HBAP, HSBC Bank (Singapore) Limited, HSBC Bank (Taiwan) Limited, HSBC Bank Malaysia Berhad (198401015221 (127776-V))/HSBC Amanah Malaysia Berhad (200801006421 (807705-X)), The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), HSBC Bank Middle East Limited, HSBC UK Bank plc, HSBC Bank plc, Jersey Branch, and HSBC Bank plc, Guernsey Branch, HSBC Private Bank (Suisse) SA, HSBC Private Bank (Suisse) SA DIFC Branch, HSBC Private Bank Suisse SA, South Africa Representative Office, HSBC Financial Services (Lebanon) SAL, HSBC Private banking (Luxembourg) SA and The Hongkong and Shanghai Banking Corporation Limited (collectively, the “Distributors”) to their respective clients. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer. HBAP has prepared this document\nbased on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice. HBAP and the Distributors are not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HBAP and the Distributors give no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document. This document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You should not use or rely on this document\nin making any investment decision. HBAP and the Distributors are not responsible for such use or reliance by you. You should consult your professional advisor in your jurisdiction if you have any questions regarding the contents of this document. You should not reproduce or further distribute the contents of this document to any person or entity, whether in whole or in part, for any purpose. This document may not be distributed to any jurisdiction where its distribution is unlawful.
\nThe following statement is only applicable to HSBC Bank (Taiwan) Limited with regard to how the publication is distributed to its customers: HSBC Bank (Taiwan) Limited (“the Bank”) shall fulfill the fiduciary duty act as a reasonable person once in exercising offering/conducting ordinary care in offering trust services/business. However, the Bank disclaims any guaranty on the management or operation performance of the trust business.
\nThe following statement is only applicable to by HSBC Bank Australia with regard to how the publication is distributed to its customers: This document is distributed by HSBC Bank Australia Limited\nABN 48 006 434 162, AFSL/ACL 232595 (HBAU). HBAP has a Sydney Branch ARBN 117 925 970 AFSL 301737.The statements contained in this document are general in nature and do not constitute investment research or a recommendation, or a statement of opinion (financial product advice) to buy or sell investments. This document has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the document you should consider its appropriateness to you, with regard to your objectives, financial situation, and needs.
\nImportant Information about the Hongkong and Shanghai Banking Corporation Limited, India (“HSBC India”)
\nHSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. HSBC India is a distributor of mutual funds and referrer of investment products from third party entities registered and regulated in India. HSBC India does not distribute investment products to those persons who are either the citizens or residents of United States of America (USA), Canada or New Zealand or any other jurisdiction where such distribution would be contrary to law or regulation.
\nMainland China
\nIn mainland China, this document is distributed by HSBC Bank (China) Company Limited (“HBCN”) and HSBC FinTech Services (Shanghai) Company Limited to its customers for general reference only. This document is not, and is not intended to be, for the purpose of providing securities and futures investment advisory services or financial information services, or promoting or selling any wealth management product. This document provides all content and information solely on an "as-is/as-available" basis. You SHOULD consult your own professional adviser if you have any questions regarding this document.
\nThe material contained in this document is for general information purposes only and does not constitute investment research or advice or a recommendation to buy or sell investments. Some of the statements contained in this document may be considered forward looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. HSBC India does not undertake any obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those\nprojected in the forward-looking statements. Investments are subject to market risk, read all investment related documents carefully.
\n© Copyright 2025. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED.
\nNo part of this document may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\nImportant information on sustainable investing
\n“Sustainable investments” include investment approaches or instruments which consider environmental, social, governance and/or other sustainability factors (collectively, “sustainability”) to varying degrees. Certain instruments we include within this category may be in the process of changing to deliver sustainability outcomes.
\nThere is no guarantee that sustainable investments will produce returns similar to those which don’t consider these factors. Sustainable investments may diverge from traditional market benchmarks.
\nIn addition, there is no standard definition of, or measurement criteria for sustainable investments, or the impact of sustainable investments (“sustainability impact”). Sustainable investment and sustainability impact measurement criteria are (a) highly subjective and (b) may vary significantly across and within sectors.
\nHSBC may rely on measurement criteria devised and/or reported by third party providers or issuers. HSBC does not always conduct its own specific due diligence in relation to measurement criteria. There is no guarantee: (a) that the nature of the sustainability impact or measurement criteria of an investment will be aligned with any particular investor’s sustainability goals; or (b) that the stated level or target level of sustainability impact will be achieved.
\nSustainable investing is an evolving area and new regulations may come into effect which may affect how an investment is categorised or labelled. An investment which is considered to fulfil sustainable criteria today may not meet those criteria at some point in the future.
\n"},"india-economics-09-04":{"name":"india-economics-09-04","anchor":"india-economics-09-04","html":"Here, the concept of M0 and M3 are important. M0, also known as base money or reserve money, includes the total amount of a currency that is either circulated in the hands of the public or in the commercial bank deposits held in the central bank’s vaults. M3, also known as broad money, on the other hand, refers to the total amount of monetary assets available in an economy at a specific time, including physical currency and checkable deposits.When we divide the M3 by M0, we get the money multiplier, which shows how much M3 increases as a result of intermediation by banks, when the RBI raises M0 by one dollar(or in this case, one rupee)."},"india-economics-09-05":{"name":"india-economics-09-05","anchor":"india-economics-09-05","html":"On the liability side, M3 = CIC + deposits. And therefore deposits = M3 –CIC. With the CIC ratio normalizing to pre-pandemic levels, deposit weakness must be led by M3 weakness. Another way to look at M3 is on the creation side: M3 = M0 + credit creation process of banks. The latter has been rising. Therefore, the weakness in M3 must come from the weakness in M0, the money created by the RBI."},"india-economics-09-06":{"name":"india-economics-09-06","anchor":"india-economics-09-06","html":"A further breakdown of net household financial saving shows both a fall in gross financial saving and a rise in liabilities. Our sense is that tepid overall income growth explains weak gross household financial saving. And the two-speed economy, whereby some groups at the upper end of the consumption pyramid, who also have access to bank credit, are doing much better than some others, explaining the demand for personal loans in sectors like luxury housing."},"why-esg-matters-05-03":{"name":"The Big Compost Experiment","anchor":"the-big-compost-experiment","html":"'Solar PV’, International Energy Agency, 2024"},"why-esg-matters-05-02":{"name":"Consumer Perceptions","anchor":"consumer-perceptions","html":"PitchBook data, HSBC, May 2025"},"why-esg-matters-05-04":{"name":"BioCycle Nationwide Survey","anchor":"biocycle-nationwide-survey","html":"BloombergNEF, Electric Vehicle Outlook 2025"},"why-esg-matters-05-01":{"name":"Leela Dilkes-Hoffman","anchor":"leela-dilkes-hoffman","html":"'WMO report documents spiralling weather and climate impacts’, World Meteorological Organization, 19 March 2025"},"india-economics-09-02":{"name":"india-economics-09-02","anchor":"india-economics-09-02","html":"From 25% in 2017 to 18% in 2023, as per the BSE 200 Index."},"india-economics-09-03":{"name":"india-economics-09-03","anchor":"india-economics-09-03","html":"From 25-30% in 2017 to 40-45% in 2023, as per the BSE 200 Index."},"india-economics-09-01":{"name":"india-economics-09-01","anchor":"india-economics-09-01","html":"Growing c11.5% y-o-y since FY23 versus 12.5% in the pre-pandemic decade."},"hsbc-perspectives-q4-2024-02":{"name":"Bloomberg NEF, 2024.","anchor":"bloomberg-nef-2024","html":"Bloomberg NEF, 2024."},"india-economics-08-01":{"name":"india-economics-08-01","anchor":"india-economics-08-01","html":"For the rest of the report, we use rains and reservoirs interchangeably"},"india-economics-08-02":{"name":"india-economics-08-02","anchor":"india-economics-08-02","html":"see: Climate change and agriculture in India, Ministry of Science and Technology, Government of India, January 2016. Also see: Gallé, J., Katzenberger, A. Indian Agriculture Under Climate Change: The Competing Effect of Temperature and Rainfall Anomalies, July 2024"},"india-economics-08-04":{"name":"india-economics-08-04","anchor":"india-economics-08-04","html":"Vegetable inflation averaged 28% y-o-y in the March to June months"},"india-economics-08-03":{"name":"india-economics-08-03","anchor":"india-economics-08-03","html":"see: Rising temperatures threaten India's crop yields and food security, IDR (idronline.org), August 2022"},"hsbc-perspectives-q4-2024-01":{"name":"Sustainable Energy","anchor":"sustainable-energy","html":"Sustainable Energy in America 2024 Factbook."},"india-economics-2026":{"name":"india-economics-2026","anchor":"india-economics-2026","html":"This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is distributed by HSBC Continental Europe, HBAP, HSBC Bank (Singapore) Limited, HSBC Bank (Taiwan) Limited, HSBC Bank Malaysia Berhad (198401015221 (127776-V))/HSBC Amanah Malaysia Berhad (200801006421 (807705-X)), The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), HSBC Bank Middle East Limited, HSBC UK Bank plc, HSBC Bank plc, Jersey Branch, and HSBC Bank plc, Guernsey Branch, HSBC Private Bank (Suisse) SA, HSBC Private Bank (Suisse) SA DIFC Branch, , HSBC Financial Services (Lebanon) SAL, HSBC Private banking (Luxembourg) SA, and The Hongkong and Shanghai Banking Corporation Limited (collectively, the “Distributors”) to their respective clients. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer. HBAP has prepared this document based on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice. HBAP and the Distributors are not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HBAP and the Distributors give no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document. This document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You should not use or rely on this document in making any investment decision. HBAP and the Distributors are not\nresponsible for such use or reliance by you. You should consult your professional advisor in your jurisdiction if you have any questions regarding the contents of this document. You should not reproduce or further distribute the contents of this document to any person or entity, whether in whole or in part, for any purpose. This document may not be distributed to any jurisdiction where its distribution is unlawful.
\nThe following statement is only applicable to HSBC Bank (Taiwan) Limited with regard to how the publication is distributed to its customers: HSBC Bank (Taiwan) Limited (“the Bank”) shall fulfill the fiduciary duty act as a reasonable person once in exercising offering/conducting ordinary care in offering trust services/business. However, the Bank disclaims any guaranty on the management or operation performance of the trust business.
The following statement is only applicable to by HSBC Bank Australia with regard to how the publication is distributed to its customers: This document is distributed by HSBC Bank Australia Limited ABN 48 006 434 162, AFSL/ACL 232595 (HBAU). HBAP has a Sydney Branch ARBN 117 925 970 AFSL 301737.The statements contained in this document are general in nature and do not constitute investment research or a recommendation, or a statement of opinion (financial product advice) to buy or sell investments. This document has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the document you should consider its appropriateness to you, with regard to your objectives, financial situation, and needs.
\nImportant Information about the Hongkong and Shanghai Banking Corporation Limited, India (“HSBC India”)
\nHSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. HSBC India does not distribute or refer investment products to those persons who are either the citizens or residents of United States of America (USA), Canada or any other jurisdiction where such distribution or referral would be contrary to law or regulation.
\nHSBC India is an AMFI-registered Mutual Fund Distributor and an AMFI-registered Specialized Investment Fund (SIF) Distributor. HSBC India distributes select mutual fund schemes and SIF strategies of empanelled Asset Management Companies, and acts as a referrer of other third-party investment products.
\nMutual Fund investments are subject to market risks, read all scheme-related documents carefully
\nAMFI-registered Mutual Fund Distributor | Date of Initial Registration: 19th Feb-2002 | ARN-0022 I Validity of ARN: 18th Feb- 2027
\nAMFI-registered SIF Distributor I Date of initial registration: 27th Oct 2025 | ARN-0022 I Validity of ARN : 26th Oct 2028
\nHSBC India will receive commission from HSBC Asset Management (India) Private Limited, in its capacity as a AMFI registered mutual fund distributor of HSBC Mutual Fund. The Sponsor of HSBC Mutual Fund is HSBC Securities and Capital Markets (India) Private Limited (HSCI), a member of the HSBC Group. Please note that HSBC India and the Sponsor being part of the HSBC Group, may give rise to real, perceived, or potential conflicts of interest. HSBC India has a policy in place to identify, prevent and manage such conflict of interest\nFor more information related to investments in the securities market, please visit the SEBI Investor Website: https://investor.sebi.gov.in/ and the SEBI Saa₹thi Mobile App.
\nMutual Fund investments are subject to market risks, read all scheme related documents carefully.\nIssued by The Hongkong and Shanghai Banking Corporation Limited India . Incorporated in Hong Kong SAR with limited liability.
\nSingapore
\nIn Singapore, this document:
\n• has not been reviewed by any regulatory authority in Singapore or any other jurisdiction.
• is issued by HSBC Bank (Singapore) Limited (the "Bank") in the conduct of its business in Singapore and is for general information.
\n• is only meant for the person who received it and should not be copied or shared with others, either fully or partially, for any reason.
• must not be sent to the United States, Canada or Australia or to any other jurisdiction where sharing it is illegal. If someone uses or copies this document or video without permission, they could face legal action.
\n• gives a broad overview of the current economic environment and is not meant to be investment research or advice or a recommendation to buy or sell investments. Some parts might talk about future events, but these are just predictions and not promises nor guarantees of future performance or events. Actual results might turn out differently due to various reasons. The Bank is not responsible for updating these predictions or explaining why actual results could differ from those predictions.
\n• does not create any contracts and isn’t meant as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction where it is not legal. Investments can increase or decrease in value, and you might not get back the amount you initially invested. Investments come with market risks, so it is important to read all investment-related documents carefully. The opinions shared are from the HSBC Global Investment Committee at the time of creating this document or video and reflect its global perspective, which might differ from local views of the Bank. These opinions can change anytime and might not match HSBC Asset Management‘s current portfolios’ composition. HSBC Asset Management manages individual portfolios based on each client’s objectives, risk preferences, time horizon, and market conditions.
\n• has not been created following legal requirements for independent investment research and is not subject to any prohibition on dealing ahead of its dissemination.
\n• is not meant to offer accounting, legal or tax advice. Before making any investment decision, consider consulting a financial adviser. If you decide not to seek advice, carefully assess if the investment product is suitable for you. It is recommended to obtain appropriate professional advice when needed.
\nInvesting overseas can lead to changes in the value of your investments due to currency exchange rates, which may cause them to rise or fall. Emerging markets are riskier and more unpredictable compared to established markets. These economies often depend heavily on international trade and can be adversely impacted by trade barriers, currency controls, adjustments in currency values, the economic conditions of their trading partners and other protective measures imposed by those partners.
We are not responsible for the accuracy and/or completeness of any third-party information obtained from sources we believe to be reliable but have not independently verified.
\nMainland China
\nIn mainland China, this document is distributed by HSBC Bank (China) Company Limited (“HBCN”) to its customers for general reference only. This document is not, and is not intended to be, for the purpose of providing securities and futures investment advisory services or financial information services, or promoting or selling any wealth management product. This document provides all content and information solely on an "as-is/as-available" basis. You SHOULD consult your own professional adviser if you have any questions regarding this document.
\nThe material contained in this document is for general information purposes only and does not constitute investment research or advice or a recommendation to buy or sell investments. Some of the statements contained in this document may be considered forward looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. HSBC India does not undertake any obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investments are subject to market risk, read all investment related documents carefully.
\nShould you wish to use AI technology (computational, statistical, machine-learning or other artificial intelligence techniques to infer or learn from data to find patterns, take actions, make decisions, or generate output) to help you analyse, summarise or evaluate this publication and/or any other research materials provided to you by HSBC, you shall seek HSBC consent in advance of any such use and not upload this publication and/or any other research materials produced by HSBC to an AI system or otherwise use AI technology in connection with the research services HSBC provides to you without our consent.
\n© Copyright 2026. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED. No part of this document may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
\nImportant information on sustainable investing
\n“Sustainable investments” include investment approaches or instruments which consider environmental, social, governance and/or other sustainability factors (collectively, “sustainability”) to varying degrees. Certain instruments we include within this category may be in the process of changing to deliver sustainability outcomes.
\nThere is no guarantee that sustainable investments will produce returns similar to those which don’t consider these factors. Sustainable investments may diverge from traditional market benchmarks. In addition, there is no standard definition of, or measurement criteria for sustainable investments, or the impact of sustainable investments (“sustainability impact”). Sustainable investment and sustainability impact measurement criteria are (a) highly subjective and (b) may vary significantly across and within sectors.
HSBC may rely on measurement criteria devised and/or reported by third party providers or issuers. HSBC does not always conduct its own specific due diligence in relation to measurement criteria. There is no guarantee: (a) that the nature of the sustainability impact or measurement criteria of an investment will be aligned with any particular investor’s sustainability goals; or (b) that the stated level or target level of sustainability impact will be achieved.
\nSustainable investing is an evolving area and new regulations may come into effect which may affect how an investment is categorised or labelled. An investment which is considered to fulfil sustainable criteria today may not meet those criteria at some point in the future.
\n"},"premier-healthcare-package-2026":{"name":"premier-healthcare-package-2026","anchor":"premier-healthcare-package-2026","html":"HSBC Premier Healthcare Promotions and Privileges Terms and Conditions apply. Promotion period is from 1 January to 31 December 2026. This promotion is open to all HSBC Premier Elite and HSBC Premier customers."},"elitediamond-tnc-2026":{"name":"elitediamond-tnc-2026","anchor":"elitediamond-tnc-2026","html":"HSBC’s EliteDiamond Terms and conditions apply. Visit https://www.hsbc.com.my/insurance/products/elitediamond/ for full details."},"premier-6-month-td":{"name":"premier-6-month-td","anchor":"premier-6-month-td","html":"HSBC New to Premier Time/Term Deposit/-i Promotion Q3 2026 Terms and Conditions (PDF) apply. Promotion is from 1 July to 30 September 2026. Open to new and existing customers who upgrade to HSBC/ HSBC Amanah Premier or Premier Elite and open an HSBC/ HSBC Amanah Premier Account/-i or Premier Everyday Global Account/-i (EGA/-i). Annual effective rate for 6 months TD/-i rate 4.28% p.a. is 3.14% p.a. with current board rate of 2.00% p.a. The annual effective rate stated above is based on the board rate as of 11 June 2026. The MYR TD/-i board rates are subject to change from time to time with prior notice."},"india-economics-04-02":{"name":"india-economics-04-02","anchor":"india-economics-04-02","html":"This includes delays in BSNL’s capital infusion and lower than budget spending on some richly funded centrally sponsored schemes like Housing and National Rural Drinking Water Mission."},"wealth-and-legacy-planning-2":{"name":"wealth and legacy planning-2","anchor":"wealth-and-legacy-planning-2","html":"https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/wealth-management-connect/"},"wealth-and-legacy-planning-1":{"name":"wealth and legacy planning-1","anchor":"wealth-and-legacy-planning-1","html":"https://www.privatebanking.hsbc.com/content/dam/privatebanking/gpb/entrepreneurs/gewr/HSBC%20Global%20Wealth%20Hubs%20Report.pdf"},"premier-ie-prepworks-aug":{"name":"premier-ie-prepworks-aug","anchor":"premier-ie-prepworks-aug","html":"HSBC International Education PrepWorks Consultation Services and Offers Terms and Conditions (PDF). HSBC International Education AUG Consultation Services and Offers Terms and Conditions (PDF)."},"premier-overseas-acc":{"name":"premier-overseas-acc","anchor":"premier-overseas-acc","html":"Subject to host country/region's approval."},"premier-gmt-zero-fees":{"name":"premier-gmt-zero-fees","anchor":"premier-gmt-zero-fees","html":"HSBC Global Money Transfers zero-fees Campaign August 2026 Terms and Conditions apply."},"india-economics-03-08":{"name":"india-economics-03-08","anchor":"india-economics-03-08","html":"Vegetable inflation averaged 26.8% y-o-y in 2024"},"india-economics-03-09":{"name":"india-economics-03-09","anchor":"india-economics-03-09","html":"In our base case we assume 2/3 impact in year 1 and 1/3 impact in year 2, keeping inflation elevated over FY27 and FY28."},"india-economics-06-01":{"name":"india-economics-06-01","anchor":"india-economics-06-01","html":"The rise in oil imports has been partly offset by rising oil exports given higher refining spreads"},"accounts-gmt-fees-long":{"name":"accounts-gmt-fees-long","anchor":"accounts-gmt-fees-long","html":"HSBC Global Money Transfers fees vary depending on the type of account you have, the type of transfer (in other words, 'Send like a local' or Global Disbursement WIRE), the destination country or territory and the transaction currency. Read the HSBC Tariff and Charges for more detail. For your information, some beneficiary banks or third party intermediary banks may impose charges prior to crediting the funds into the beneficiary's account. HSBC is unable to advise you of the beneficiary bank or third party intermediary bank's charges as they’re not within our control."},"accounts-gmt-fees":{"name":"accounts-gmt-fees","anchor":"accounts-gmt-fees","html":"HSBC Global Money Transfers fees vary depending on the type of account you have, the type of transfer (in other words, 'Send like a local' or SWIFT), the destination country or territory and the transaction currency. Read the HSBC Tariff and Charges for more detail."},"gmt-premier-fees":{"name":"gmt-premier-fees","anchor":"gmt-premier-fees","html":"Premier Elite and Premier customers can have the HSBC Global Money Transfer fee waived for 'Send like a local' transfers made in supported local currencies. Read the HSBC Tariff and Charges document for details. Some beneficiary banks or third-party intermediary banks may impose charges before crediting the funds into the beneficiary’s account. HSBC can't advise you about these charges as they are not within our control."},"article-best-intlbank25":{"name":"article-best-intlbank25","anchor":"article-best-intlbank25","html":"HSBC Malaysia was awarded “Malaysia’s Best International Bank” by Euromoney Awards for Excellence 2024-2026. "},"article-otc-turnover25":{"name":"article-otc-turnover25","anchor":"article-otc-turnover25","html":"Bank for International Settlements - Triennial Central Bank Survey September 2025: OTC foreign exchange turnover in April 2025 (PDF)"},"article-best-wm2025":{"name":"article-best-wm2025","anchor":"article-best-wm2025","html":"HSBC Malaysia was awarded “Best Wealth Manager” by The Asset Triple A Private Capital Awards 2024-2026. "},"what-are-hedge-funds-1":{"name":"what-are-hedge-funds-1","anchor":"what-are-hedge-funds-1","html":"Source: HSBC Alternative Investments Limited, October 2025"},"unlocking-action-in-legacy-planning":{"name":"Unlocking Action in Legacy Planning-1","anchor":"unlocking-action-in-legacy-planning-1","html":"https://www.gsb.stanford.edu/faculty-research/books/knowing-doing-gap-how-smart-companies-turn-knowledge-action"},"premier-investment-2026":{"name":"premier-investment-2026","anchor":"premier-investment-2026","html":"HSBC Premier Q3 2026 Investment Campaign Terms and Conditions (PDF) apply. Promotion period is from 1 July to 30 September 2026. This promotion is open to all new and existing HSBC Premier and Premier Elite customers, and applies to net new investments made in selected participating investment products with a minimum 1% FEL (unit trusts/ structured investment/ bonds and/or sukuk) during the campaign period. The gold jewellery and Apple product images shown are for illustration purposes only and will be awarded in the form of Tomei and Switch Malaysia vouchers. Tomei and Apple are not a participant in or sponsor of this promotion. The trade name and logo of Apple are trademarks belonging to Apple Inc. HSBC is not in any way endorsing, approving or supporting the use of any brand or merchandise sold by Apple or Tomei."},"advance-spend-and-maintain-2026":{"name":"advance-spend-and-maintain-2026","anchor":"advance-spend-and-maintain-2026","html":"Notes for HSBC Advance Spend & Maintain 2026 (Promotion)
\nPlease refer to the Terms and Conditions of the campaign on the Important information page under Notices for 2026.
\n"},"advance-casa-card-promo-2026":{"name":"advance-casa-card-promo-2026","anchor":"advance-casa-card-promo-2026","html":"Notes for HSBC Advance CASA or Card 2026 (Promotion)
\nPlease refer to the Terms and Conditions of the campaign on the Important information page under Notices for 2026.
\n"},"premier-share-benefits":{"name":"premier-share-benefits","anchor":"premier-share-benefits","html":"For a legal spouse and all children aged 18 to 30, as long as the Premier Family’s primary HSBC/ HSBC Amanah Premier customer in Malaysia meets the Total Relationship Balance of at least RM300,000 at all times. Premier Family extension to all children will expire on the child's 30th birthday. After this, the child will need to be eligible to retain Premier status on their own, to continue to enjoy the Premier fee waiver. If a customer fails to meet any of the Premier eligibility criteria, a monthly account fee of RM150 (and applicable tax, if any) will be charged."},"total-relationship-balance":{"name":"total-relationship-balance","anchor":"total-relationship-balance","html":"Your total relationship balance (TRB) includes any of the following products that you may hold with us: Deposits in a current account/-i or a savings account/-i, time deposits or term deposits/-i, investments in unit trust funds or Shariah-compliant unit trust funds, structured investments/-i, dual currency investments/-i, direct retail bonds or Sukuks, and cash value from Family Takaful or life insurance products that have investment-linked and savings components."},"premier-mortgage-acc-fee-waiver":{"name":"premier-mortgage-acc-fee-waiver","anchor":"premier-mortgage-acc-fee-waiver","html":"You can enjoy an account fee waiver for the first 12 months from joining HSBC/ HSBC Amanah Premier Mortgage. Starting from 13th month, you need to meet the primary eligibility criteria."},"premier-hsbc-ega":{"name":"premier-hsbc-ega","anchor":"premier-hsbc-ega","html":"Member of PIDM. Protected by PIDM up to RM250,000 for each depositor."},"hsbc-perspectives-q4-source":{"name":"hsbc perspectives q4 source","anchor":"hsbc-perspectives-q4-source","html":"Source: Statista, April 2026"},"online-ut-campaign":{"name":"online-ut-campaign","anchor":"online-ut-campaign","html":"HSBC Bank Online Unit Trust Q3 2026 Campaign Terms and Conditions (PDF) and HSBC Amanah Online Unit Trust Q3 2026 Campaign Terms and Conditions (PDF) apply. Promotion period from 15 July to 14 October 2026. This promotion is open to existing HSBC customers who have existing or new active sole unit trust investment account(s) during the promotion period. Invest at least RM25,000 in any unit trust fund (excluding money market funds) through the HSBC EZInvest or HSBC Unit Trust browser platforms to earn entries to win RM88,888 worth of AHAM Aiiman Money Market Fund units. New Premier investorswho invest at least RM25,000 in any unit trust fund (excluding money market funds) through the HSBC EZInvest or HSBC Unit Trust browser platforms during the promotion period, and hold the investment for a minimum period of 2 months, will also receive RM500 worth of AHAM Aiiman Money Market Fund units."},"premier-td-wealth-bundle-q4-2026":{"name":"premier-td-wealth-bundle-q4-2026","anchor":"premier-td-wealth-bundle-q4-2026","html":"HSBC Premier Q4 2026 Wealth Bundle Terms and Conditions apply (PDF). The minimum amount of TD/-i placement is RM50,000 or USD10,000. Promotion is from 1 October to 31 December 2026.
\nThese are the TD/-i annual effective rates (based on board rate as of 8 June 2026).
\nNew to Wealth:
\nMYR: TD/-i rate 7.88% p.a. annual effective rate 3.47% p.a. (3 months) board rate of 2.00% p.a.;
\nUSD: TD/-i rate 8.08% p.a. annual effective rate 4.35% p.a. (3 months) board rate of 3.11% p.a.
\nExisting Wealth customers:
\nMYR: TD/-i rate 5.88% p.a. annual effective rate 2.97% p.a. (3 months) board rate of 2.00% p.a.;
\nUSD: TD/-i rate 6.08% p.a. annual effective rate 3.85% p.a. (3 months) board rate of 3.11% p.a.
\nThese board rates are variable and subject to daily fluctuation without prior notice.
\n"},"premier-bancassurance-bundling-q4-2026":{"name":"premier-bancassurance-bundling-q4-2026","anchor":"premier-bancassurance-bundling-q4-2026","html":"HSBC Q4 2026 Bancassurance Bundling Terms and Conditions apply (PDF). The minimum amount of TD/-i placement is RM20,000 or USD4,000. For TD/-i, eligible customer agrees to grant a waiver of the interest/ profit payable in case of premature withdrawal. Promotion is from 1 October to 31 December 2026.
\nThese are the TD/-i annual effective rates (based on board rate as of 2 September 2026).
\nNew to Banca
\nMYR: TD/-i rate 9.88% p.a. annual effective rate 3.93% p.a. (3 months) board rate of 1.95% p.a.;
\nUSD: TD/-i rate 10.08% p.a. annual effective rate 4.84% p.a. (3 months) board rate of 3.09% p.a.
\nExisting to Banca
\nMYR: TD/-i rate 8.88% p.a. annual effective rate 3.68% p.a. (3 months) board rate of 1.95% p.a.
\nUSD: TD/-i rate 9.08% p.a. annual effective rate 4.59% p.a. (3 months) board rate of 3.09% p.a.
\nThese board rates are variable and subject to daily fluctuation without prior notice.
\n"},"premier-travel-insurance-2026":{"name":"premier-travel-insurance-2026","anchor":"premier-travel-insurance-2026","html":"Travel insurance by Mastercard Terms and Conditions (PDF) apply."},"premier-ntp-td-q4-2026":{"name":"premier-ntp-td-q4-2026","anchor":"premier-ntp-td-q4-2026","html":"HSBC New to Premier Time/Term Deposit/-i (TD/-i) Promotion Q4 2026 Terms and Conditions apply (PDF). Promotion is from 1 October to 31 December 2026. This promotion is open to new or upgraded HSBC Premier/Premier Elite customers who open an HSBC/HSBC Amanah Premier Account/-i or Premier Everyday Global Account/-i (EGA/-i). Eligible Customer must perform TD/-i placement with New Funds at any HSBC / HSBC Amanah branch, and the minimum single placement amount is RM50,000 for RM TD/-i.
\nTD/-i annual effective rate (based on board rate as of 20 August 2026):
\n