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HSBC modifies negative Hong Kong outlook

  • After coming under criticism for downgrading the outlook for Hong Kong due to the democracy movement there - but providing no other details - HSBC releases a "modified" report, bumping the "Occupy Central" movement to the bottom of its concerns.
  • Now atop the list are the usual issues of real estate prices, slowdown in tourism, higher U.S. rates, and weak earnings momentum.
  • Originally founded in Hong Kong, HSBC's profit there totaled $8.1B pre-tax last year, 36% of the bank total. Mainland China profit was $4.24B.
  • Previously: Hong Kong outlook cut over rift with Beijing
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