WTO Ministerial Collapse Leaves Global Digital Trade Rules in Limbo 
Asian Stocks Surge on Trump's Iran War Comments and Dip-Buying 
Iran Strikes Oil Tanker Near Dubai Amid U.S. Threats and Ongoing Middle East Conflict 
Oil Prices Dip as Trump Eyes Iran De-escalation, Hormuz Closure Persists 
Gold Prices Rebound in Asia Amid Iran War Ceasefire Hopes 
South Korea's $17.3 Billion Emergency Budget Targets Oil Price Surge 
Bessent: Global Oil Market Well Supplied as U.S. Eyes Hormuz Navigation Control 
Oil Prices Surge to Record Monthly Highs as Middle East War Rattles Global Markets 
Dollar Surges to Monthly High as Middle East Conflict Rattles Global Markets 
Asian Currencies Hold Steady Amid U.S.-Israel-Iran Tensions and BOJ Signals 
Bank of Korea Nominee Shin Hyun-song Calls for Flexible Monetary Policy Amid Iran War Risks 
Oil Prices Climb as Middle East Conflict Keeps Supply Risks Elevated 
U.S. Trade Rep Dismisses WTO's Future Role After Failed Cameroon Summit 
Goldman Sachs Sees Value in European Real Estate Stocks Despite Sharp Selloff 
Japan Business Sentiment Rises as Iran War Fuels Inflation Fears, BOJ Rate Hike Looms 
U.S. Dollar Posts Strong Monthly Gain Amid Middle East Conflict Despite Late Dip 
U.S. Stock Futures Surge After WSJ Report on Trump's Iran War Exit Strategy 
HSBC Beats Q3 Earnings Estimates, Announces $3 Billion Buyback
HSBC Holdings PLC reported a stronger-than-expected third-quarter profit, highlighting the continued growth in its wealth management division and the positive impact of recent cost-cutting and restructuring initiatives. The Asia-focused lender reported pre-tax earnings of $8.48 billion, surpassing Bloomberg's forecast of $7.6 billion for the quarter ending September 30.
Wealth Management and Buyback Strategy Boost Returns
The bank’s profit was largely driven by a 5% rise in Q3 revenue to $17 billion, supported by sustained momentum in wealth management, despite a decline in net interest income from $9.2 billion to $7.6 billion. To reward shareholders, HSBC declared a $3 billion share buyback, following a similar buyback in Q2, along with a third interim dividend of $0.10 per share.
Restructuring and Strategic Changes Under CEO Georges Elhedery
HSBC also announced a strategic split between its Eastern and Western operations, part of a broader restructuring plan initiated by CEO Georges Elhedery. This operational overhaul, expected to streamline regional services, will continue to unfold, with more details anticipated in HSBC’s annual report in 2025.
The bank remains on track with its guidance, targeting mid-teens returns on average tangible equity through 2025. HSBC also projects $43 billion in net interest income for 2024, with anticipated cost growth capped at 5%.
