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China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
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Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
HSBC Beats Q3 Earnings Estimates, Announces $3 Billion Buyback
HSBC Holdings PLC reported a stronger-than-expected third-quarter profit, highlighting the continued growth in its wealth management division and the positive impact of recent cost-cutting and restructuring initiatives. The Asia-focused lender reported pre-tax earnings of $8.48 billion, surpassing Bloomberg's forecast of $7.6 billion for the quarter ending September 30.
Wealth Management and Buyback Strategy Boost Returns
The bank’s profit was largely driven by a 5% rise in Q3 revenue to $17 billion, supported by sustained momentum in wealth management, despite a decline in net interest income from $9.2 billion to $7.6 billion. To reward shareholders, HSBC declared a $3 billion share buyback, following a similar buyback in Q2, along with a third interim dividend of $0.10 per share.
Restructuring and Strategic Changes Under CEO Georges Elhedery
HSBC also announced a strategic split between its Eastern and Western operations, part of a broader restructuring plan initiated by CEO Georges Elhedery. This operational overhaul, expected to streamline regional services, will continue to unfold, with more details anticipated in HSBC’s annual report in 2025.
The bank remains on track with its guidance, targeting mid-teens returns on average tangible equity through 2025. HSBC also projects $43 billion in net interest income for 2024, with anticipated cost growth capped at 5%.
