
HSBC Holdings, the biggest European bank, reported a 29 percent decline in profit for the first six months on Monday, saying that the business environment remained uncertain and that growth in emerging markets was expected to slow.
Still, HSBC shares, which are unchanged from the beginning of the year, have performed better than those of its rivals in Britain, like Barclays or Royal Bank of Scotland, as investors expect HSBC's growing Asian business to cushion the blow from loan losses in the United States and Europe.
The bank said that even though it expected growth in emerging markets to "hold up reasonably well" it would have "less momentum than in the recent past." Demand for wealth management and equity capital markets products in Asia declined, it said.
Well at least their shares are holding up. It seems everyone is affected.
It seems everyone is affected.
Yes. There is a global recessionary trend, now.
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