India remains one of the most over-owned market in Asia.
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
Domestic macroeconomic data announcements, global trends and trading activity of foreign investors would guide market sentiments this week, analysts said. After a record rally, markets may face volatile trends this week amid elevated valuations and investors would also keep a track of global oil benchmark Brent crude and rupee-dollar movement for further cues. "Potential volatility in the stock market is anticipated this week. Elevated valuations remain a concern, with investors now focusing on monsoon progress and its impact on the rural economy.
The leaked files relate to accounts holding more than $100 billion, as per ICIJ.
The HSBC India Manufacturing Purchasing Managers' Index, a measure of factory production, stood at 51.3 in April, unchanged from 51.3 in March, amid moderate expansion of incoming new business orders.
Well known banker Naina Lal Kidwai has been appointed as the country head of HSBC group companies in India. Kidwai will assume the chairmanship of HSBC India operations and the appointment is effective from April 15, an HSBC statement said.
Management commentary on demand environment, and forward guidance will be in focus when Indian IT services players declare their September quarter results for financial year 2024-25 (Q2FY25). The industry is exepected to have continued on the path of recovery in Q2, similar to the preceding quarter, rather than sprint towards growth. The top four firms likely grew between 0 per cent and 4 per cent year-on-year (Y-o-Y), according to consensus estimates.
Some other tax authorities are looking at the allegations.
An estimated 10,000 to 20,000 jobs will be axed, according to a media report
The services sector growth in India rose to a six-month high in January as new business expanded at a faster pace amid buoyant demand from domestic and external clients, a monthly survey said on Monday. The seasonally adjusted HSBC India Services PMI Business Activity Index rose to 61.8 in January, up from 59 in December, pointing to the sharpest rate of expansion in six months.
HSBC Holdings Plc will shut its private banking business in India, a spokesman said
India's manufacturing sector growth climbed to a four-month high in January as a sharper upturn in new orders boosted output growth amid mild cost inflation, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) recovered from an 18-month low of 54.9 in December to 56.5 in January. The latest reading highlighted the strongest improvement in the health of the sector since last September.
The pace of hiring by private sector companies was also slowest in seven months, as per a monthly HSBC India survey of services sector managers.
Preservation of wealth has become the mantra as private bankers are broadening their relationships with exporter communities and family-owned firms.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, remained only just above the neutral threshold of 50.0 in September, signalling muted output growth in emerging markets.
Probe found that HSBC's Anti-Money Laundering Compliance Department was highly inadequately staffed.
Herve Falciani, who refused to appear for trial in Switzerland, has been charged of industrial espionage.
'We expect market consolidation and recommend buying during market dips.'
Uruguayan soccer player Diego Forlan on Monday denied evading taxes by hiding money in Swiss accounts with the British bank HSBC Holdings PLC.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
The HSBC/Markit purchasing managers index for the manufacturing industry stood at 50.1 in July, slightly more than 50.3 in June, indicating a broad stagnation of manufacturing operating conditions in India.
The Securities and Exchange Board of India began its formal investigation into the complaint earlier this year.
The entire HSBC list features names of 1,668 Indians
The Reserve Bank is unlikely to cut the benchmark interest rate in its forthcoming bi-monthly monetary policy review later in the week as retail inflation is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts.
Hongkong and Shanghai Banking Corporation (HSBC) is looking at entering the retail broking business to benefit from the rapidly growing middle class investors in India. It may scout for an existing retail broking house to hasten the pace of setting up business.
Switzerland, UK, Venezuela, US and France are t
Facing black money investigations in India and several other countries, global banking giant HSBC on Monday said it is also being probed in the US for hiring candidates related to government officials in Asia Pacific.
The services sector growth in India rose to a three-month high in December supported by favourable economic conditions and positive demand trends, a monthly survey said on Friday. The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 56.9 in November to 59 in December, highlighting a sharp increase in output that was the most pronounced since September. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Investors have been hoping for a cyclical recovery.
The chief operating officer of HSBC Holdings, A W Jebson informed that HSBC board would meet in Mumbai on November 25.
In the latter half of the year, there would be some economic recovery and return to normal business conditions.
Data for the four largest emerging economies showed contrasting activity trends in November. China registered growth for the seventh month running, while India posted the fastest growth since June.
India's manufacturing sector activity contracted for the second consecutive month in September as both output and new orders witnessed a decline, an HSBC survey said.
The bank said it is cooperating with the US Department of Justice and the Internal Revenue System (IRS) in their probes into whether certain HSBC companies and employees acted appropriately in relation to certain customers with US tax reporting requirements.
The HSBC India Manufacturing Purchasing Managers' Index -- a measure of factory production -- stood at 54.7 in December, up from 53.7 in November, indicating a further improvement in the health of the Indian manufacturing sector.
According to the global financial services major, FII flows in May were mixed, with investors being more selective.
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