DAX: Dipping back inside the upper edge of the potential broadening top. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

HSBC’s full-year profits fall 33 per cent
Warns coronavirus might impact key Asian business

HSBC’s interim CEO Noel Quinn announced early this morning that 2019’s pre—tax profit was US$13.35 billion, well short of analysts’ expectations, because of a goodwill impairment worth $7.3 billion – due largely to its European and commercial banking operations. Share buy-backs have been cancelled in 2020 and 2021 as Europe’s biggest bank will work on a ‘’high level of restructuring’’. This will include 35,000 job cuts over the coming 3 years, believed to be mainly in the investment banking operation.

Apple warned yesterday that disruption in China will impact the sales of its iPhones, not only because people in China cannot get out to buy them, but also because global supply chains depend heavily on mainland Chinese manufacturing. This most valuable company says it won’t meet quarterly revenue forecast.

Financial Markets and Political Commentary

 

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