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COMING UP:Share Opener Variant 1

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00:00:00
HSBC is speak in Britain and China right now that's not a great combination the bank said Tuesday it had missed targets for twenty eighteen pre tax profit was up sixteen percent to almost twenty billion dollars a lot of money but still less than expected a Chinese economic slowdown and worries over brexit among the problems which is banking correspondent Lawrence white some people still think of HSBC is a global bank but really it makes the bulk of its profits ninety percent of them in Asia and most of that is China so unfortunately for them as China's economic growth slows as it did last year they suffer an impact China's growth lost its lowest in almost three decades a trade war with the US one factor , that in turn helped spark of sliding global shares world stocks down around ten percent to twenty eighteen many investors staying on the sidelines as a result taking another bite out of HSBC earnings the impact of brexit so fall looks modest though to HSBC took a hundred and sixty five million dollar charge for breaks in the fourth quarter which they said reflects a higher chance of a bad economic outcome from the brexit negotiations more broadly that warning like some of the other banks we cover the more businesses could get into trouble if we get an ideal scenario now chief executive John Flynn says the bank may have to delay some investment plans he says the bank's growth rate could be slower than expected this year too HSBC shares down around four percent in early trade Tuesday