HSBC (HSBA.L) pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire.
Tags: HSBC
HSBC Pre-Tax Profit grew more than expected due to lower regulatory fines cost
Due to the lower cost of regulatory fines, HSBC's pre-tax profit in the third quarter increased 32 percent to $6.1 billion from $4.6 billion in the same period last year, beating analysts' expectations of $5.2 billion.
Lack of clarity over US data put pressure on Asian stocks
The lack of clarity about the US data and timing of interest rate hike have put further pressure on Asian stock markets. Several Asian stocks slipped into pressure on Friday trading ahead of the US data jobs report. Japan's Nikkei fell 1.7 percent for the week. The long holiday stretch for Chinese markets also resulted in sluggishness in the Asian market.
China's July exports slump 8 percent, raises pressure for more stimulus
Chinese exports tumbled 8.3 percent in July, their biggest drop in four months and far worse than expected, reinforcing expectations that Beijing will be forced to roll out more stimulus to support the world's second-largest economy.
China's stock turmoil drags down remaining strong commodities
China's stock market rout is injecting new stress into the already ravaged global commodity sector, with prices of copper, coal, natural gas and iron ore all falling back toward their 2015 lows. Analysts say the worst is yet to come as the stronger performers - solar and oil - are now also struggling.
Latest News
China's factories struggled to expand in May despite recent interest rate cuts and other policy stimulus, a Reuters poll showed, suggesting the government may have to do more to halt a protracted slowdown in the economy.
China's factories suffered their fastest drop in activity in a year in April as new orders shrank, a private business survey showed on Monday, hardening the case for fresh stimulus measures to halt a slowdown in the world's second-largest economy.
HSBC Holdings (HSBA.L), Europe's biggest bank, said it has started a review of whether to move its headquarters out of Britain following regulatory and structural changes in the industry.
Standard Chartered remains committed to Islamic banking and expects growth in its core markets, a spokesman for the lender said on Sunday, after the head of its Islamic arm departed.
Crude prices rose as much as 6 percent on Thursday after Saudi Arabia and its allies launched air strikes on Yemen, pushing shares lower in Europe, the Middle East and Asia and lifting oil producers' currencies.
Brent crude reversed early losses to trade back towards $57 a barrel on Tuesday, as a weaker dollar overshadowed signs of slowing growth in China and Saudi Arabian oil production close to an all-time high.
HSBC Global Asset Management, an arm of HSBC Holdings (HSBA.L), is buying bonds of commodity exporting countries because their valuations have dropped so far with the plunge of oil prices, an executive said.
A subsidiary of Mexican billionaire Carlos Slim's Grupo Financiero Inbursa (GFINBURO.MX) bank has entered two loan agreements for nearly $700 million, pledging America Movil stock as collateral, according to a filing published on Thursday.
The largest U.S. banks and their foreign rivals are facing a tough two-step check-up of their financial health by the Federal Reserve, forcing the firms to get a far better grip on how they measure risk.
