HSBC will be a major focus of attention for investors in the coming week as the British banking giant presents a first-quarter earnings update Monday followed by a key strategy review two days later. Banks were already in focus for British traders this past week as state-rescued lenders Lloyds Banking Group and Royal Bank of Scotland unveiled sizeable net losses on higher costs, although their underlying performances improved.
London's FTSE 100 index won 1.53 percent over the past week to finish at 5,976.77 on Friday compared with Thursday the previous week.
The benchmark index had closed early last week ahead of the marriage between Prince William and Kate Middleton on Friday, April 29, which was a public holiday in Britain.
Ahead of next week's HSBC events, analysts said that the lender's chief executive Stuart Gulliver, who took over the helm of Europe's biggest bank in January, might announce major cost-cutting measures.
There have also been persistent reports in the British media that the Asia-focused bank has been looking at the possibility of switching its headquarters to Hong Kong from London to reduce the group's tax burden.
Although its headquarters are in London, HSBC was founded in Hong Kong and Shanghai in 1865 and the bank currently sees Asia as its most important region.
Comments
Comments are closed for this article.