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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London stocks were modestly higher on Tuesday, supported by hopes that UK interest rate cuts were still on the Bank of England's agenda after surprisingly weak inflation data.
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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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UK businesses are set to prosper during the next few months - but this could trigger more interest rate rises, a report says.
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HSBC, the UK's largest bank, is targeted for a shake-up by a high-profile US group of activist investors.
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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 first economic data to emerge since last month's credit woes suggest a modest impact on business and consumers.
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Investor's Business Daily - Europe's largest bank by market value said its profit rose 5% in '06 to $15.8 bil, while operating income jumped 14% to $70 mil, despite losses in its mortgage operation. HSBC   projected it'll take 2-3 years to emerge from problems caused by home-loan defaults. Still, HSBC's CEO rejected claims the bank made unnecessarily risky U.S. loans. "This is not trailer park lending," Michael Geoghegan said. "This is Main Street America." Shares slid 0.4% to 85.91.
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The ECB is likely to raise interest rates in a regular monthly policy meeting scheduled on Thursday. The key rate that is now at a historic low of 2% will probably be raised to combat inflationary pressures.
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Hedge funds will likely yield good returns from distressed assets in 2008, while M&A-linked arbitrage would dwindle as financial market turmoil is far from over, HSBC's alternative investment group said on Monday.
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Treasury debt prices made modest gains  on Thursday following a surprise jump in weekly jobless claims  and retail sales that were slightly below expectations after  auto sales were stripped out.
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Don't panic over rising interest rates.
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Higher earners could face increased fines for minor offences under government plans.
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HSBC Holdings PLC, one of the world's largest banks, said Tuesday that its underlying revenue growth slowed in the third quarter on a weaker performance in investment banking and an increase in bad loans.
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- Huntington Bancshares Inc.  expects second-quarter earnings below analysts' estimates, primarily due to a charge of 11 cents a share related to higher loan loss provision and merger-related costs.
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Supply of credit has tightened and likely to get worse, Bank of England warns
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HSBC Holdings  fell just short  of analysts' expectations with a 5 rise in 2006 profits on  Monday as Europe's biggest bank took a $10.6 billion hit for  bad debts after problems in its U.S. mortgage lending.