Back to market news

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.

Read more

Weekly review: Gold, USD, EURUSD and Dow Jones

Weekly review: Gold, USD, EURUSD and Dow Jones

Precious metals and commodities fail to witness a positive start for the final quarter of the year. While European shares and US stock futures have started October on a firmer footing. Moving ahead, meetings of major central banks with RBA and RBNZ on the horizon return this week. Investors will also be keeping an eye on the US ISM manufacturing PMI on Monday as well as the US nonfarm payroll data for February on Friday.

Nike Beats Earnings: The stock back to near $100 mark

Nike Beats Earnings: The stock back to near $100 mark

Shares of the Footwear and athletic apparel giant Nike (NYSE: NKE) jumped almost 10% after the company beat first-quarter earnings and gross margin estimates. “Q1 offered proof of what NIKE can deliver when we connect great innovation, great storytelling and great marketplace experiences to consumers,” Nike CEO John Donahoe.

Weekly review: Gold, USD, EURUSD and Dow Jones

Weekly review: Gold, USD, EURUSD and Dow Jones

Global markets ended with notable losses on Friday driven by the hawkish US Federal Reserve outlook and mixed flash purchasing managers' index results from the European economies. Going forward, the overall market sentiment is expected to remain lukewarm as investors worry about the possibility of higher interest rates.

Splunk stock spikes on $28B acquisition deal

Splunk stock spikes on $28B acquisition deal

Shares of Splunk (NASDAQ: SPLK) surged more than 20% to $145 on Thursday after the networking technology giant Cisco Systems (NASDAQ: CSCO) announced that it has reached an agreement to buy cybersecurity company Splunk for about $28 billion. The deal will strengthen Cisco’s software business and revenue growth exceptionally on the boom of AI.