HSBC Holdings Plc, Europe’s largest lender, said full-year earnings at its private bank dropped 81 percent as customers pulled money from its Swiss cross-border business and the firm made provisions for regulatory probes.
HSBC Holdings Plc ’s Swiss private bank said new money from Asia offset first-half client outflows from Europe as tax authorities in France and Italy scrutinize account details stolen by a former employee.
The worst plunge in China’s stocks in more than a year is a buying opportunity for investors as the country’s benchmark index may advance as much as 15 percent by June, according to HSBC Private Bank’s Arjuna Mahendran .
Germany’s government bonds fell, underperforming all their euro-region peers, after a survey showing investor confidence in the nation increased this month reduced demand for the region’s safest assets.
The longest losing streak for developing-market equities in more than a decade is turning investors who shunned the stocks a year ago into buyers after valuations fell to the lowest levels since March 2009.