Investing.com -- HSBC is sticking with its most bullish stance on equities, urging investors to lean into technology stocks as it looks for catalysts to lift risk assets out of a months-long trading range.

Chief multi-asset strategist Max Kettner told clients in a note that recent activity data has accelerated and that the spike in energy prices and global bond yields has left its mark on equity and credit markets, contrary to widespread belief.

The question now, he wrote, is what breaks the choppy range.

Kettner sees two likely near-term drivers. These are further supportive oil news flow, such as on the Saudi East-West pipeline, and last week's jump in betting odds of the Democrats taking the House in the mid-term elections, which he said could prompt policy pivots by the U.S. administration.

"Both should be catalysts for gains across virtually all asset classes," he wrote.

The bank remains maximum overweight equities and continues to lean into tech the most, favoring U.S. and Asian tech, and U.S. tech over small caps, along with European banks.

It stays mildly overweight emerging-market and high-yield debt, and moved gilts to overweight after the Bank of England's quantitative-tightening announcement.

HSBC remains underweight euro-zone government bonds and Japanese government bonds, particularly the long end, and said a hesitant Bank of Japan could end the outperformance of Japanese banks.

It also stays overweight gold, where "de-dollarisation and financial repression themes should keep any dips shallow."