Banks shares extended last week’s losses to fall to its lowest level since May following a report by BuzzFeed and other media outlets based on leaked documents which revealed that several big banks moved large sums of illicit funds over two decades. According to the report, HSBC (HSBA.UK), one of Britain's biggest bank, moved funds through its US business to HSBC accounts in Hong Kong in 2013 and 2014. The investigation cited documents submitted by banks and other financial firms to the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN). Not only is the suspicious transaction report extremely damaging, but the bank is on the brink of being added to China’s “unreliable entity” list, potentially threatening its plans to expand into China.
HSBC(HSBA.UK) stock launched today’s session with a bearish price gap and s heading towards support at 2.67, a level not seen since March 2009. Source: xStation5
