ECB Rate Hike in Focus as Oil Tops $100 
Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Visit 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
Gold Prices Rise as Yen Rally Weakens Dollar 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
Asian Stocks Mixed as Korean Chipmakers Rally 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
German Inflation Accelerates to 2.9% in August 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Add as a preferred source on Google
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%.
