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Reuters Breakingviews: New-look HSBC emerges from fog

Monday, August 05, 2013 - 03:53

Aug. 5 - Lower costs and fewer bad debts in H1 show the benefits of HSBC CEO Stuart Gulliver's strategy, says Reuters Breakingviews.

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So today's breaking views and his on HSBC the bank missing profit for -- this morning but breaking news thinks he -- to a Gallup has new blood bank. Is beginning to emerge from the folk. Jazz are down 4% no -- -- joins me. Markets. Not loving these numbers. Doesn't necessarily mean that bad numbers that doesn't know thing and actually I think you should figure these these today is that you had come -- to the stole. You know UK banks at a pretty turbulent week last week to adopt these obviously -- -- tax coal. And here we go next week on an HSBC proves itself salaam on anyway to be. Living up to its reputation as you know the the -- that the firm steady wind there and do stuff like Iraq is run aligns it exactly articles. You know it's it's it's it's not a bank without it says share of content controls these units I've been on the wrong end of some regulatory fines of Colson. It's good to see that these these results don't have any of those sort of things in them but that the other thing that might be weighing on the market of course is that you know if there's any bank which is sort of associated with the emerging markets and particularly in Asia and China. It's going to be HSBC. And so and so the numbers come out and you know that sort of capitalize on focuses. Worries if you like com on on what the social so. A lot of -- so that. Stories you've -- the exits. Yet things that solid emerging from the folk turnaround is happening cost cutting its happening but emerging markets remain a work. Interesting that that -- about. While I say interesting threatened not surprising that he felt the need to come out and say the specifically on China did the slowdown in GDP as a relative the economy still growing well and reform policy will create. A more sustainable economy -- trying to allay fears that. And I think that you know you two of our mind this -- -- do you do do do the maximum that if if it -- if the economy of China for example these big. In a small percentage growth can still give you mole actual money creation that it would have some time ago we've caught percentages on the all the love bites. So you know -- I you know I think there's a lot of fools -- worries about -- and an Asia. And and then the fact that it slide down as it should be seen as a good thing it's maturing of maturing quickly. Thoughtfully and duels and got those commons than -- so we shouldn't get too wide about it now. We -- too complacent -- and go to PRI on this popular. You know bubbles in that Chinese economy which. I just BC and others. Do need to keep -- cape -- but for the moment let's just enjoy Unita. A decent guy when we don't have to stop for me but my -- so that'll and a 47000 jobs that Obama. Yeah it's a massive is that it's also a massive bank and smacks his bank account and -- Charlotte tomorrow and I guess we're going to be talking to roughly the same. Story emerging market well you the it's suddenly in emerging markets and you know will go to a -- a Fuller picture of what's going on that and if we get the same kind of steady reassuring message from standard -- Perhaps there will be some sort of rebalancing tools of some of well let's be worried about emerging markets and then let let's not stop -- and -- -- this out of proportion and the world isn't in it too by the statement. Robert thanks very much indeed for that Robert -- -- more -- setting its sights on what's our US breaking -- -- breaking news show every day 1230 Easton and that's New York of course 530 London time. I'm -- problems voices.

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Reuters Breakingviews: New-look HSBC emerges from fog

Monday, August 05, 2013 - 03:53