Reuters Breakingviews: New-look HSBC emerges from fog
Monday, August 05, 2013 - 03:50
Aug. 5 - Lower costs and fewer bad debts in H1 show the benefits of HSBC CEO Stuart Gulliver's strategy, says Reuters Breakingviews.
▲ Hide Transcript
▶ View Transcript
So today's breaking views and his on HSBC the bank missing profit for cross this morning but previews think CEO Stuart Gallup -- new blood bank. Is beginning to emerge from the folk. Shares are down 4% and a -- -- joins me. Markets. Don't loving these numbers. Doesn't necessarily mean that bad numbers though -- I don't know thing and actually I think you should figure these these today is that you had come off to the stole. In the UK banks out of pretty turbulent week last week to adopt these obviously -- -- tax school. And here we go next week on an HSBC proves itself Islam on anyway to be. Living up to its reputation as you know the the bit that the -- steady wind that can do enough about it that Iraq is run aligns it exactly out of schools. You know it's it's it's it's not -- without it says share of content controls these units I've been on the wrong end of some regulatory fines of Colson. It's good to see that these these results don't have -- of both sort of things in them but the other thing that might be weighing on the market of course is that you know if there's any bank which is sort of associated with the emerging markets and particularly in Asia and China. It's got to be HSBC. And so and so the numbers come out and you know that's a couple Weisel focuses. Worries if you like com on on what the social so and a lot and -- -- that test. Or if you -- the exits. Yet things that solid emerging from the folk turnaround is happening. Cost cutting its happening but emerging markets remain a work insisting that -- dumb about. While I say interesting threatened not surprising that he felt the need to come out and say the specifically on China did the slowdown in GDP as a relative the economy still growing well and reform policy will create. A more sustainable economy -- trying to allay fears that. And I think that you know you to our mind this unit and do you do do do the laughs in that it. If it -- if the economy of China for example these peca. In a small percentage growth can still -- you mole actual money creation. That it would have some time ago we've caught percentages on the on the love -- So -- an -- I you know I think there's a lot of fools of worries about to honor and an Asia. And and then the fact that it slide down as it should be seen as a good thing it's maturing of maturing quickly. So often in duels and got those commons then vote so we shouldn't get too -- about it now. We -- it to complacent -- you go to -- on on this popular. You know bubbles in that China's economy which HSBC and others. Do need to keep -- cape -- but for the moment let's just enjoy Unita. A decent guy when we don't have to stop for me but -- goes over the windows 47000 jobs. Yeah it's a massive it's not that it's also a massive buying things in his bank account and senate Charlotte tomorrow and I guess we're going to be talking to roughly the same. This story to imagine market well you the it's suddenly in emerging markets and you know will get a opponent a Fuller picture of what's going on that and if we get the same kind of steady reassuring message from standard -- Perhaps there will be some sort of a rebalancing tools of some of well let's be worried about emerging markets and then -- let's not -- in getting government out of proportion and the world isn't in it too by the statement. Robert thanks very much indeed for that -- -- More -- setting aside so what's our US breaking out of breaking news show every day twelfth that he Easton and that's New York of course 530 London time. I'm -- problems choices.
Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code