HSBC sees 'modest' rise in bad debt charges
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Global banking giant HSBC has said that its bad debt charges rose modestly in its third quarter but noted that its overall financial performance was better than in the same period a year earlier.
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UK businesses are set to prosper during the next few months - but this could trigger more interest rate rises, according to a report.
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The British-based bank delivers an upbeat outlook and modest writedowns.
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House prices rose only modestly on the month in September, the Nationwide Building Society says, backing expectations that the Bank of England may have nearly finished raising interest rates.
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U.S. stocks declined on Thursday, pushed down by declines in banking shares after Britain's HSBC  warned that bad debts from its U.S. mortgage lending business would hurt results.
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HSBC Holdings Plc  said on Friday it will close its U.S. subprime unit, Decision One Mortgage, and record an impairment charge of about $880 million, saying the mortgage business is no longer sustainable.
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Top UK banks could report combined annual profits of about Â£38bn despite worries about exposure to bad debts.
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The pound has made slight gains against the dollar on the back of yesterday's release of Bank of England minutes which suggested a further hike in interest rates is unlikely.
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Slight improvement tempered by forecast of a sharp rise in debt over the next 10 years. Links to other web sites will open a new browser.
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Nonetheless, some investors expect the bank to cut borrowing costs this year, backtracking from its pledge to raise interest rates gradually.
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The first economic data to emerge since last month's credit woes suggest a modest impact on business and consumers.
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Mizuho, Japan's biggest bank, says a sharp fall in bad debts means good news ahead - despite a dip in current profits.
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Consumers increased their borrowing at a more modest pace in December as credit card debt increased at the slowest rate in nine months.
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HSBC's  private banking business has been little hit by the ongoing credit crisis, the head of the bank's private banking business, Chris Meares, told a Swiss newspaper.
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Higher earners could face increased fines for minor offences under government plans.
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THE United States Federal Reserve is expected to raise the bellwether federal funds rate, which banks charge each other for overnight loans, by a quarter point to 2.25 per cent today.
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Business & money: Analysts believe Bank of England still likely to raise interest rates higher in the coming months.