HSBC a reminder not all emerging markets are equal
Shares in the global bank fell 4 percent in early trading after its 2009 pretax profit came in below expectations. The wholesale bank reported a strong profit, and U.S. bad debts may have peaked. But HSBC's premium rating leaves it little margin for error in emerging markets.
This content is for Subscribers only
To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.