Why is the dateline from Hong Kong? HSBC is the Hong Kong Shanghai Bank - a predatory lender which bought scandal ridden Household International, and now takes profits from America while telling you they are your friend.
HONG KONG - Share prices closed lower, extending losses for the third straight session as HSBC and other blue chips and property stocks fell on renewed worries over US inflation and interest rates, dealers said. They said that data showing higher-than-expected increase in US wages in the second quarter and faster than forecast growth in services sector in August have sparked concerns that the Federal Reserve may resume its interest rate increases at its meeting later this month. HSBC was also under pressure ahead of some changes in the Hang Seng Index next week, which will see the bank’s weighting on the benchmark index cut by four percentage points.
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