HSBC profits dive, shares rally
3rd Aug 2009 09:23
Pre-tax profit more than halved at HSBC in the first six months of 2009 and the bank has warned that the economic outlook remains uncertain. The banking giant posted a profit before tax of $5bn during the period, down from $10.2bn a year ago, but just ahead of forecasts. Underlying profit, exclud
Read moreShareholders of UK banks looking for a result
31st Jul 2009 18:06
The banking sector has been one of the top five performers since the market rally started on 9 March, and next week's results from the major players are expected to add weight to the view that the worst may be behind them. Barclays and HSBC get the ball rolling on Monday. Both companies have avoide
Read moreDarling to quiz banks on business lending
27th Jul 2009 08:25
Britain's high street bank chiefs have been summoned to the chancellor's office today to explain their failure to re-start lending to small businesses despite receiving £37bn of taxpayer's money. Heads of Lloyds and Royal Bank of Scotland - the two state-controlled high street banks- will be joined
Read moreTechnical Analysis: Banking sector testing resistance
24th Jul 2009 11:19
June 2007 seems a long time ago now, and it certainly has been a long time for the banking sector, because this was the last time that the value of the sector was above its 200 day moving average. It's certainly been a long hard slog but there does seem to be some light at the end of the tunnel, h
Read moreHSBC fined £3m for losing data
22nd Jul 2009 13:11
HSBC has been fined more than £3m by the City watchdog after customers' confidential details went missing in the post twice. Three of the banking giant's businesses were in trouble. HSBC Life UK was fined £1.6m, HSBC Actuaries and Consultants Limited will have to pay £875,000 and HSBC Insurance Bro
Read moreLondon midday: Shares pause for breath
22nd Jul 2009 12:07
Leading shares are mixed, with losses on miners and banks offset by gains on defensive favourites such as tobaccos and utilities. Mining giant BHP Billiton set the tone for the sector with its annual production report this morning. Quarterly (Apr-Jun) production increased for 12 major commodities
Read moreSector movers: Insurers impress
20th Jul 2009 15:09
Another strong day for equities got investors excited about Life Insurance. Global stock markets are rising for a sixth day, boosting the value of investments. Prudential and Legal & General are the best performers, but Friends Provident is also going well as the Resolution takeover situation rumbl
Read moreLondon close: Stocks tread water
3rd Jul 2009 17:12
A late swoon saw Footsie relinquish virtually all of its gains, with losses on resource stocks counter-balancing gains made by banks. Barclays, Royal Bank of Scotland, HSBC and Lloyds Banking were the pick of the banking sector, despite chancellor Alistair Darling firing a warning about the re-eme
Read moreLondon afternoon: Banks lead the fight back
3rd Jul 2009 14:30
Share prices are creeping higher after yesterday's heavy falls, with banking stocks leading the fight back. Barclays, HSBA and Lloyds Banking lead the banking sector higher while insurers such as Aviva and Legal & General are also wanted. An exception to the general strength of insurers is Friends
Read moreBroker tips: Standard Chartered, Greene King, Game
2nd Jul 2009 13:20
Though it continues to favour fellow Asia-focused bank HSBC, UBS has moved from a negative to a neutral stance on Standard Chartered, and sees the shares becoming becalmed in the near future. UBS has upped its price target from £10 to £11.40, some 50p below Standard Chartered's current share price.
Read moreBroker snap: UBS upgrades Standard but prefers HSBC
2nd Jul 2009 13:05
Though it continues to favour fellow Asia-focused bank HSBC, UBS has moved from a negative to a neutral stance on Standard Chartered, and sees the shares becoming becalmed in the near future. UBS has upped its price target from £10 to £11.40, some 50p below its current share price. The Swiss bank
Read moreLondon close: Late rally not enough
25th Jun 2009 17:01
A late rally by UK equities was not enough to prevent the blue-chip index closing in negative territory, largely as a result of weak miners, which were weighted down by softer metals prices. Lonmin, Vedanta, Rio Tinto and BHP Billiton were all stuck in the red. Elsewhere in the sector, Anglo Americ
Read moreLondon afternoon: Banks and miners retreat
25th Jun 2009 14:27
Leading equities drift lower in the afternoon session, led by banks and miners. Asia-focused bank Standard Chartered eases back, despite enjoying record income and operating profit in the first five months of this year. Some of this success has been offset by weakness in consumer banking, however,
Read moreHSBC buys remaining stake in Indian firm
16th Jun 2009 16:19
Bank HSBC intends to buy the remaining 6.14% stake it does not own in Indian firm Investsmart and delist the shares from Bombay Stock Exchange and the National Stock Exchange of India. During 2008, HSBC acquired 93.86 per cent of IL&FS Investsmart Limited for a total consideration of INR1,396.3 cro
Read moreTechnical Analysis: Banks treading water
12th Jun 2009 11:02
Banks have again been in the spotlight this week with speculation growing about the government's withdrawal from ownership of large stakes of RBS and Lloyds as well as Northern Rock. Further adding to the mix has been Barclay's sale of its fund management arm to BlackRock for £8.1bn, and the upgrad
Read more