HONG KONG (MarketWatch) -- Trading in shares of HSBC Holdings was suspended for Monday's session in Hong Kong, pending what the bank called "the announcement of a corporate action," as the company was expected to reveal a pullback from its U.S. consumer lending business.
The banking giant is also due to announce its 2008 earnings report later in the day.
Shares of HSBC's Hong Kong-based subsidiary, Hang Seng Bank dropped 4% ahead of its own results for 2008.
The Wall Street Journal reported that HSBC plans to curtail its foray into U.S. consumer lending by pulling back from key businesses.
Link to MarketWatch article
Something big is brewing folks... AIG, HSBC... What's going to blow up tomorrow?
Asian Stocks are tanking - link
And US Futures for tomorrow's open are falling fast (DOW minus 109) - link
Meanwhile, gold and silver are rising - silmultaneous with a stronger dollar - link
2 comments:
I think you're on to something. AIG is getting killed as a result of its CDO exposure. HSBC, Citi, BoA, and JPMorgan all have outrageous credit derivative liabilities. I expect that if a chart were drawn showing the counterparty linkage, it would look like a West Virginian family tree. The piper must be paid...
West Virginian family tree - too funny, but I imagine not too far from the truth...
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