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HSBC Q1 earnings missed: The stock unchanged after the bank pause plans to cut 35,000 jobs

HSBC Holdings (LON: HSBA) reported first-quarter earnings on Tuesday. The pre-tax profit falls 48% year-over-year in the first quarter to $3.2 billion. While revenue dropped by 5% to $13.686 billion, down from $14.4 billion in the same period last year.
HSBC Q1 earnings missed: The stock unchanged after the bank pause plans to cut 35,000 jobs
HSBC Holdings (LON: HSBA) reported first-quarter earnings on Tuesday. The pre-tax profit falls 48% year-over-year in the first quarter to $3.2 billion. While revenue dropped by 5% to $13.686 billion, down from $14.4 billion in the same period last year.

HSBC's shares fell 1.4% in early session but later the stock rebounded after the London based bank confirmed on Tuesday it will pause plans to cut around 35,000 jobs as part of a major restructure of its global markets business.  

The "The economic impact of the Covid-19 pandemic on our customers has been the main driver of the change in our financial performance since the turn of the year," CEO Noel Quinn said in the earnings release.

HSBC shares in London have fallen by 29.7% so far this year, while its Hong Kong-listed shares have dropped by around 35.1% in the same period.

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Nike Q4 earnings and revenue beat estimates

Nike Q4 earnings and revenue beat estimates

The sneaker giant Nike (NYSE: NKE) delivered better-than-expected financial results for the fourth quarter on Monday after market close. “Nike’s results this fiscal year are a testament to the unmatched strength of our brands and our deep connection with consumers," Nike CEO, John Donahoe said.

Weekly review: Gold, USD, EURUSD and Dow Jones

Weekly review: Gold, USD, EURUSD and Dow Jones

Major stock markets around the world started the week on a positive note. However, many market participants continue to digest the shift of focus away from inflation and back to the economic slowdown. However, this will be an exciting week as the European Central Bank will host a forum in Portugal.

Weekly review: Gold, USD, EURUSD and Dow Jones

Weekly review: Gold, USD, EURUSD and Dow Jones

Global stocks and commodities tumbled last week after the major central banks including the US Federal Reserve and Swiss National Bank have turned extremely hawkish. This week inventors anxiously awaiting the FED chair Powell's Testimony.