HSBC tanks to the lowest level since 2009

9:02 AM May 22, 2020

The banking sector has been struggling recently amid record low global interest rates and banking stocks trailed the global stock market rally. For the HSBC (HSBA.UK) it is a double trouble as the bank has large exposure to Asia – nearly 50% of revenues came from this region in 2019. Tougher China stance on Hong Kong spoiled market moods on Friday and businesses with significant exposure to the region are particularly hit. As a result the stock fell to the lowest level since 2009, more than 50% from a 2018 high.

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