Reported about 8 hours ago
HSBC has increased its provisions for bad loans to $900 million, reflecting concerns over the economic impact of higher trade tariffs amid the ongoing trade war initiated by Donald Trump's policies. The bank reported a 25% decline in pre-tax profit to $9.5 billion for the first quarter, influenced by geopolitical unrest and anticipated slower global GDP growth. HSBC's CEO remains cautiously optimistic about potential progress in trade negotiations, though acknowledges that the current climate poses significant challenges for economies and central banks.
Source: YAHOO