- Annual results for Europe's largest bank, HSBC, missed analyst expectations on Tuesday, with the bank's CEO saying revenues "collapsed" at the end of 2018.
- The bank saw revenues of $53.8 billion over the course of 2018, up 5% from 2017. But they were $1 billion below the analyst consensus: $54.7 billion.
- "Growth rates are certainly lower on the balance sheet; we are seeing a softening in the asset side," HSBC CEO John Flint told the Financial Times. "Given the trade uncertainty, thats not surprising, but, yes, were seeing a reduction in the rate of growth."
- HSBC has a significant business in facilitating trade between Asia and the rest of the world, so the trade war is undoubtedly negative for the bank.
Annual results for Europe's largest bank, HSBC, missed analyst expectations on Tuesday, with the bank's CEO saying revenues "collapsed" at the end of 2018, and blaming ongoing trade tensions between the US and China.