HSBC shares drop after bad debt, profit warning
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LONDON/HONG KONG  - Shares of HSBC Holdings   dropped more than 2 percent on Thursday after the British lender announced its bad debt charge last year would be about $1.8 billion higher than expected.
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HONG KONG: Hong Kong stocks ended 0.11 per cent lower on Monday, led down by China&#39;s top PC maker Lenovo amid worries about its purchase of IBM&#39;s PC business, and HSBC Holdings PLC on a downgrade by Merrill Lynch.
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U.S. stocks slid on Thursday as worries about bad mortgage debts hit bank shares and a warning from home builder Toll Brothers Inc.  reignited concern about weakness in the housing market.
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UK blue chips reversed earlier gains Wednesday to close lower, tracking Wall Street's sharp decline as Merrill Lynch's big write-down raised concern over other banks' exposure to the credit markets.
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London equities fell on Friday after Northern Rock went to the Bank of England to arrange emergency financial support, a move that led to a two-year profit warning and undermined share prices in its peers.
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Brokerage Bear Stearns Companies  on Wednesday said quarterly profit fell 10 percent hurt by lower investment banking revenue and higher expenses.
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Global banking giant HSBC Holdings announced on Monday a 35.5-percent surge in bad debts during 2006 owing to increased defaults on home loans by high-risk US borrowers.
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Stocks tumbled on Friday, wrapping up their worst week since a global sell-off in February amid fears that trouble at two Bear Stearns hedge funds may signal worse problems lie ahead for credit markets.
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Business & money: Share price plunges after disappointing profits raising fears over America's economic slowdown
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HSBC Holdings said its charge for bad debts would be more than $10.5 billion for 2006 because of problems in its mortgage portfolio.
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Capital One Financial Corp.   shares fell more than 7 percent early Friday after the No. 4  MasterCard and Visa card issuer said British credit losses,  lower U.S. margins and rising costs caused profit to miss Wall  Street forecasts.
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The FTSE fell on Wednesday as a disappointing trading update from Northern Rock added to concern about rising interest rates.
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BARCLAYS said yesterday it was on course for a profits haul of about Â£4.5 billion this year. But the shares were the biggest faller on the Footsie as the market was disappointed with a flat performance from
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Europe&#39;s main stock markets fell as banking shares slid on speculation that French bank Societe Generale may issue a profit warning because of losses linked to US subprime mortgages.
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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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London shares fell on Tuesday as investors reacted to fresh banking sector losses linked to the subprime housing crisis in the United States.
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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.