HSBC
June 29, 2026
Around the World in 80 Datapoints
Market ReportEquitiesMacro Economic IndicatorsConsumer StaplesEnergy
HSBC's Global Composite Capex Lead Indicator suggests a nascent manufacturing upcycle as of May 2026, with the Americas showing resilience despite geopolitical and supply-chain pressures.
Key Takeaways
- 1.HSBC's Global Composite Capex Lead Indicator recorded +2 in May 2026, signaling potential for modestly positive FTSE World Industrials performance.
- 2.Manufacturing shows upcycle momentum, while construction and utilities indicate fading positive territory; consumer remains in a persistent downcycle.
- 3.US cyclical momentum appears robust, supported by AI and reshoring investments, contrasting with lackluster sentiment in Europe.
Table of Contents
- Leading indicator – lingering in positive territory
- Short cycle quarterly indicators
- The outlook for global capex
- Drilling down by region
- Drilling down by subsector
- General sector indicators
- Manufacturing
- Construction
- Transport
- Process industries
- Utilities
- Consumer
- BRICs manufacturing PMIs
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Authors
Sean McLoughlinWesley BrooksLaisha Zaack
Securities
EMRMMM
Themes
AI and Reshoring InvestmentManufacturing UpcycleMiddle East Conflict Impact
Regions
North AmericaEuropeAsia PacificUnited StatesChinaJapan