Quentin Webb News Today : Breaking News, Live Updates & Top Stories | Vimarsana

CPI surged to over 8% YoY and has been above the Fed's 2% target now for 15 months - yet the target policy rate is today at only 0.75% to 1.0%.

Global markets tumbled on Friday, as a new coronavirus variant - which is more transmissible and able to bypass vaccination - has emerged.

Provided by Dow Jones By Simon Clark and Quentin Webb Global banking giant HSBC Holdings PLC said net profit more than doubled in the first quarter, as the world economy began to recover from the coronavirus pandemic. The London-based lender, which makes most of its profit in Hong Kong and mainland China, earned $3.88 billion in the first three months of the year, up from $1.79 billion in the same period last year. HSBC reduced provisions for bad loans by $435 million in the quarter, which it said was mostly due to an improved economic outlook. It had take...

Provided by Dow Jones By Simon Clark and Quentin Webb Global banking giant HSBC Holdings PLC said quarterly net profit more than doubled, as a nascent economic recovery allowed it to free up funds previously set aside to offset potential pandemic-related losses. The London-based lender, which makes most of its profit in Hong Kong and mainland China, earned a forecast-beating $3.88 billion in the first three months of the year, up from $1.79 billion in the same period last year. "The economic outlook has improved, giving us increasing confidence in our reve...

Provided by Dow Jones By Simon Clark and Quentin Webb HSBC Holdings PLC, one of the world's largest banks, said it would pour about $6 billion of extra investment into Asia in the next five years, and could sell its unprofitable U.S. retail operations, as it doubles down on its core business. The London-based lender, which makes most of its profit in Hong Kong and mainland China, is already one year into a major overhaul. But it said it had tweaked its strategy as the pandemic had driven a surge in digital banking, sustainability had grown in importance, and as ...