HSBC is one of the most famous banks in Europe and other parts of the world. It was a positive day for Hong Kong-listed shares of HSBC. However, before discussing the third-quarter results of this famous bank, let’s have a look at stocks in Asia-Pacific.
It is worth noting that, stocks in Asia-Pacific were mixed on October 27, following an overnight tumble in the U.S. Importantly, mainland Chinese stocks recovered from earlier declines and strengthened their positions. The Shanghai Composite added around 0.1% to about 3’254.32. In the meantime, the Shenzhen Component gained 0’594% to about 13’269.65.
Based on the information provided by the country’s National Bureau of Statistics, profits at China’s industrial firms jumped 10.1% year-on-year in September.
In Japan, the Nikkei 225 ending its trading day slightly lower at 23’485.80. At the same time, the Topix index dropped about 0.1% to close at 1’617.53.
Australia’s S&P/ASX 200 fell 1.7% to close at 6’051.
South Korea’s Kospi index declined 0.56% to close at 2’330.84. According to an advance estimate released by the Bank of Korea, the country’s real gross domestic product (GDP) grew 1.9% in the third quarter compared to the previous quarter.
New coronavirus cases, as well as the fate of a stimulus deal, are the factors that have the potential to affect stocks. The coronavirus pandemic remains one of the biggest challenges.
Shares of HBSC and third-quarter results
Interestingly, Hong Kong’s Hang Seng index fell 0.53% to close at 24’787.19.
Shares of Chinese tech giant Alibaba in Hong Kong added 0.67%. It is worth mentioning that, the moves came after Alibaba’s affiliate Ant Group, set the price of its shares on Monday. People should take into account that, Ant Group’s upcoming dual initial public offering in Shanghai and Hong Kong has the chance to become the biggest listing of all time. Notably, in the past, the Chinese financial technology giant said that it would split its stock issuance equally across Shanghai and Hong Kong.
Let’s get back to Hong Kong-listed shares of HSBC. Interestingly, shares of HSBC jumped 4.81%. Interestingly, HSBC is Europe’s largest bank by assets. On Tuesday, the bank reported a higher than expected third-quarter pre-tax profit. HSBC reported profit before tax of $3.07 billion in the quarter. Moreover, the third-quarter 2020 profit also surpassed expectations and reached $2.07 billion. Another bank from the U.K. Barclays reported a third-quarter net profit that surpassed expectations.