http://www.illuminatisilver.comhttp://www.facebook.com/illuminatisilverHSBC Profits Falter due to Chinese Economic Slowdown
Today is Monday 22nd February 2016 and we are commenting on an article published by Sky News today blaming HSBC’s profits fall on Chinas economic slowdown.
We have said for many months that all eyes should be on China for negative news and India for positive news. To support the first part of this call, it is interesting to hear the views of HSBC which reported on its below expectations profit rise earlier today.
“HSBC profits for 2015 rose 1% to £13.2bn - below expectations - as the oil rout and Chinese slowdown takes its toll…… Asia accounts for around two thirds of HSBC's profit, with the figure expected to grow to 80% as the global economy pivots towards Asia so the slowdown in the region has an amplified impact on the banks performance”.
Perhaps as significant, is the fact that the bank reported a net loss of £937m in the fourth quarter compared with a £360m profit a year ago. One has to ask therefore if this trend will continue or is just a blip.
Its Chairman Douglas Flint attempted to address this by saying: "2015 was marked by some seismic shifts in global economic conditions, most notably the continuation of a sharp decline in commodity and oil prices, in part attributable to growing concerns over China’s slowing economic growth……."China’s slower economic growth will undoubtedly contribute to a bumpier financial environment".
The bank also made note of ongoing European weakness: "The economic recovery in the Eurozone remains fragile, driven by a combination of low oil prices, a weak euro, slowing growth and loose monetary policy.”
What is of particular interest to those living in the UK and who plan to invest further into precious metals is this comment: “Last month the bank warned that an exit from the EU could lead to a sterling depreciation of 20%.” Of course should this occur, then regardless of what happens to the dollar price of gold, silver and platinum, they will become more expensive in sterling terms.
As a final comment, Sky reported that Shares at HSBC have fallen 15% so far this year and have lost more than a quarter of their value over the last 12 months with this in mind, we are sure listeners will be saddened to learn that the bank's disappointing performance has prompted a 4% fall to its boss' pay packet, although Stuart Gulliver still pocketed over £7m in 2015.
We are confident that you empathise and wish him well despite his pay cut.
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