Hong Kong Banking Shares Decline as Standard Chartered and HSBC Both Fall More Than 4% at One Point

Stock News10:51

Hong Kong banking shares declined, with both Standard Chartered plc (HKEX: 02888) and HSBC Holdings plc (HKEX: 00005) falling more than 4% at one point this morning.

As of press time, Standard Chartered plc (HKEX: 02888) is down 3.65% at HK$221.6, while HSBC Holdings plc (HKEX: 00005) is down 3.27% at HK$145.

On the news front, global bond markets have come under selling pressure, with the benchmark 10-year US Treasury yield touching 5.365% on Wednesday, and the 30-year US Treasury yield also hitting a new high since May 2002.

In addition, on October 7 local time, the Stoxx Europe Banking Index fell sharply in tandem with the sovereign bond selloff, hitting a new low since July.

Notably, UK Chancellor Rachel Reeves will unveil her first budget on October 28, and market speculation persists that the government may impose a "windfall tax" on banks or raise tax rates.

Separately, reports indicate that HSBC Holdings plc (HKEX: 00005) is planning to significantly cut jobs in its UK wealth management business, reducing a large number of financial advisors and other professional staff, in a push to leverage AI to assist in serving clients.

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