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As of 07:09 14 Aug 2018
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As of 07:09 14 Aug 2018

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Costs weigh on HSBC

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Thomas Moore, fund manager at Aberdeen Standard Investments, reckons that investors will be "pretty satisfied" with HSBC's interim results.

He says that while HSBC - which has undergone a huge restructure - is lending more, costs are going up.

"And I think that's the main bugbear at the moment. You've got a bank that's back on its feet but then again you've got inflationary pressures. In Asia, things are hotting up a bit and therefore it is getting more expensive to hire people."

Profits rise at HSBC

HSBC has reported a 4.6% rise in pre-tax profits for the first six months of the year to $10.7bn.

During the second quarter, pre-tax profits hit $5.96bn compared to analysts' expectations of $5.79bn.

Good morning!

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Embattled department store chain House of Fraser enjoyed some good news at the weekend after winning a legal fight against its landlords to close some stores.

Now, it just needs to find millions of pounds of investment to keep it afloat.

HSBC is first out of the gate as this week's first company to report...more of which shortly.

And the Society of Motor Manufacturers and Traders will reveal car registration figures for July.

Figures have been pretty dire of late so here's hoping for some upbeat data.

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HSBC outlines growth strategy


HSBC's new chief executive has set out how he wants the banking giant to get "back into growth mode".

John Flint, who was appointed earlier this year, said HSBC would invest between $15bn and $17bn over the the next three years in areas such as technology and China.

Mr Flint said the bank's current strategy was working "and provides a strong platform for future profitable growth".

"In the next phase of our strategy we will accelerate growth in areas of strength, in particular in Asia and from our international network."

The bank also wants to complete the turnaround of its US business.

HSBC banks on China infrastructure investment

Central business district of Guangzhou, China

Charlie Huggins, manager of the Hargreaves Lansdown Select UK Income Shares fund, which holds shares in HSBC, says that increased investment in its retail banking and wealth management divisions "suggests that management are feeling more confident in their prospects".

"However, it will weigh on near term returns," he says.

Shares in HSBC are trading down 3.04% at 699.4p on Friday after the bank revealed a fall in first quarter profits.

On the upside, he says: "HSBC’s vision is to become the premier bank for facilitating business between China and the rest of the world.

"Investment is being poured into China’s Pearl River delta region and early signs are encouraging. The vast expansion of Chinese infrastructure and industrial capacity seen in recent decades bodes well for the region’s future growth and HSBC should be well placed to benefit."