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Wall Street Breakfast: Must-Know News

Posted on May 12, 2008

HSBC makes things sound rosy. HSBC (HBC) reported a rise in Q1 earnings, and said it has made a strong start in 2008. HSBC set aside a less-than-expected $3.2B against U.S. credit losses. Shares were up 2.7% in London after Chairman Stephen Green said he's seen a lull in U.S. delinquencies. Analysts had expected loan losses of $4.6B. HSBC also wrote down $2.6B on asset-backed securities, leveraged debt, exposure to bond insurers, and credit trading. But it booked a $2.7B gain on appreciation in the value of its own debt. It seems increasingly likely that the U.S. will enter a recession in 20...

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