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Chancellor Rachel Reeves is convening leaders from major UK banks, including Barclays, HSBC, and Lloyds, for discussions on the government's economic growth agenda, focusing on financial services and the mortgage market. This meeting coincides with the banks' full-year results reporting season and follows a recent downgrade of the UK's growth forecast by the Bank of England. Key topics are expected to include mortgage lending, housing market stability, and financial services innovation, amid concerns over existing mortgage lending restrictions and their impact on financial stability.
Chancellor Rachel Reeves has summoned the CEOs of major UK banks, including Barclays, HSBC, and Lloyds, for discussions on the government's economic growth strategy. The meeting aims to gather fresh ideas to stimulate the economy amid recent growth forecast downgrades and pressures for potential tax increases. As banks prepare to report their full-year results, Reeves is focused on removing barriers to growth set by economic regulators.
German second-line stocks lead with a 9.73% performance, followed by cyclicals in Austria at 9.04%. In the banking sector, Societe Generale outperforms with a 15.52% increase, while UBS and Sberbank struggle, showing declines of 5.94% and 67.53%, respectively. The average performance of BSN-Group banks stands at 7.3%.
HSBC analysts have warned that New World Development (NWD) may need a comprehensive debt-reduction plan or a capital injection from the Cheng family to address a liquidity crisis, as its shares have dropped 37% since late November, losing HK$6.4 billion in market value. Despite a recent 6.3% rally, shares remain near a record low of HK$4.04. HSBC has cut its price target for NWD to HK$3.66, with a majority of analysts rating the stock as a sell, while CEO Echo Huang is focused on improving the company's financial position.
HSBC Holdings is set to hold a board meeting on February 19 to discuss its final results and the fourth dividend payment. Morgan Stanley anticipates that the focus for both HSBC and Standard Chartered will be on their ability to maintain return on equity (RoE), with a stable outlook expected to support stock prices.
HSBC Holdings saw a bullish block trade of 105.2K shares at $81.75, resulting in an $8.6M turnover. Analysts from Morgan Stanley anticipate that HSBC and Standard Chartered's upcoming results will highlight their ability to maintain return on equity, which could support stock prices. Additionally, HSBC Research indicates that DeepSeek showcases China's innovation capabilities, potentially leading to a re-rating of Chinese stocks and an increase in foreign inflows. Meanwhile, Panama has officially notified China of its withdrawal from the Belt and Road Initiative, expressing concerns over Chinese investments in the Panama Canal.
HSBC Holdings is contemplating a significant change to the compensation package of its new CEO, Georges Elhedery, potentially halving his fixed pay to align with new UK regulations that favor variable performance awards. Currently, Elhedery’s total package could reach £10.6 million, but under the proposed plan, it may rise to £15 million, with a greater emphasis on bonuses linked to performance. The bank aims to ensure that executive pay outcomes are closely tied to performance and shareholder interests, with details to be revealed in its year-end results on February 19.
Morgan Stanley anticipates that HSBC Holdings and Standard Chartered will focus on their ability to maintain return on equity (RoE) in their upcoming FY24 results, with HSBC possibly releasing more capital. A stable RoE outlook is expected to support bank stock prices, although sluggish operational prospects may hinder performance. Additionally, loan growth for Hang Seng Bank and BOC Hong Kong is projected to remain weak, with net interest margins under pressure due to declining asset yields.
HSBC Holdings is reportedly planning to increase CEO Elhedery's maximum remuneration to GBP 15 million. Meanwhile, Morgan Stanley anticipates that the results for HSBC and Standard Chartered will center on their ability to maintain return on equity (RoE), with a stable RoE outlook expected to support stock prices.
HSBC Holdings has repurchased 2.5 million shares on the Hong Kong Stock Exchange, spending HKD202 million. The shares were bought at prices ranging from HKD80.5 to HKD80.8, with a weighted average price of approximately HKD80.63 per share.
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chancellor engages banking leaders to discuss economic growth strategies
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01:02 10.02.2025
chancellor meets bank leaders to discuss economic growth strategies
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performance analysis of european stocks and banks in early 2025
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