HSBC drops again overnight as investors move out
The FTSE 100 remained weak this morning, easing to 4167.56, down 13.08 points at 11:30 am while the FTSE 250 retreated to 6245.65, down 117.94 points. Standard Chartered climbed to 789.5p, up 5.9 per cent or 44p as investors moved out of HSBC, which fell another 4.33 per cent or 25.5p to 563.25. By our calculations HSBC showed a 260 percent increase in volume as shares sank.
It should be a very interesting day for the Dow as JPMorgan Chase reported more losses. The market expects HSBC to do the same, putting more pressure on the bank. Even large banks with an international footprint are not immune from more hardship, as evidenced by Citigroup and JPMorgan Chase.