Household HSBC Watch

HSBC changes focus again according to and article published this morning. HSBC Private Bank has abandoned its bullish stance on emerging market equities for fear that they will be hit by rising inflation and a downturn in prospects for their exports to developed economies. HSBC has been bullish on emerging markets for several years. It has changed tack to become neutral overall and negative on Asian equities, plus emerging debt, after assessing their economies will be affected by recession. As late as yesterday HSBC plc said the bank will concentrate on emerging markets where growth and profits impressed helped the bank absorb losses elsewhere.

Are HSBC plc and HSBC Private Bank on the same sheet of music? Perhaps HSBC plc is off on another new idea, or so self absorbed in buying some other entity.