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By admin | May 12, 2008
HSBC (HBC) reported a rise in Q1 earnings, and said it has made a strong start in 2008. HSBC set aside a less-than-expected $3.2B against U.S. credit losses. Shares were up 2.7% in London after Chairman Stephen Green said he's seen a lull in U.S. delinquencies. Analysts had expected loan losses of $4.6B. HSBC also wrote down $2.6B on asset-backed securities, leveraged debt, exposure to bond insurers, and credit trading. But it booked a $2.7B gain on appreciation in the value of its own debt."It seems increasingly likely that the U.S. will enter a recession in 2008, the length and depth of which is uncertain. The timing of any recovery in the U.S. housing market, which is likely to be the primary stimulus in restoring confidence to the U.S. economy , is also unclear,"
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