QUOTE(danmooncake @ Nov 11 2011, 06:36 AM)
Prophet:
Agree with you. The financials still got no love despite the rally from SP 1075.
Most likely it is because of Europe. It is the most sector hated now.
I'm watching for commodities like miners and oil to rally up. Oil seems to be moving first.
The copper, gold and silver miners have yet to make their move.
Not just Euro banks.........dont bet that U.S banks are not affected!
We just dont know how involved are they is debt swaps and what not? They sure like those
worthless vehicles...anything to make a dollar more.
Look at HSBC, still badly affected by U.S housing after all these yaers and its not stopping...the debtors
are not paying! How to pay when you dont have jobs?
QUOTE
HSBC said it was sticking to its plan to cut costs by $2.5 billion to $3.5 billion by the end of 2013, including eliminating 30,000 jobs, and would continue to scale back some businesses in slower growing regions, including Poland. But it also said that its mortgage business in the United States, the former Household International subprime lender, was weighing on the group’s earnings again.
Iain J. Mackay, the finance chief, said in a conference call Wednesday that “there is an increasing number of people who stopped paying us,” forcing HSBC to take further charges for loan losses. HSBC set aside $3.89 billion for bad loans and other risk provisions in the quarter, up from $3.15 billion in the year-earlier period, mainly because of its business in North America.
HSBC started to wind down the U.S. mortgage portfolio about four years ago after billions of dollars in loan losses that forced management to admit the acquisition of Household in 2003 was a mistake. The mortgage book is currently worth about $50 billion. Delinquency rates on the loans — those with missed payments of 360 days or more — were the highest since the last quarter of 2009, Mr. Mackay said.
“Customers realized that if they stop paying, there’s very little we or other banks can do,” Mr. Mackay said. “This is an emerging trend. We monitor it very closely.”
HSBC’s shares fell 5.95 percent in London on Wednesday. They have dropped 22 percent this year, less than those of Deutsche Bank and Barclays, because investors have remained confident about HSBC’s large business in faster-growing regions like China.
http://dealbook.nytimes.com/2011/11/09/hsb...rofit-rises-66/QUOTE
LONDON (Reuters) - HSBC gave its starkest warning to date that new regulations might force it to leave Britain and said its U.S. bad debts had jumped as more homeowners stopped payments on their mortgages.
Europe's biggest bank on Wednesday reported a 36 percent fall in third quarter profits as the euro zone debt crisis hit investment bank income, while strains in the U.S. economy saw bad debts there jump by almost $1 billion, the first rise in two years.
QUOTE
Eurozone debt crisis: HSBC reveal 23% slide in earnings from investment banking
HSBC underlined the impact of the eurozone debt crisis today after revealing a 23% slide in earnings from investment banking.
The bank, which employs around 50,000 staff in the UK, said its Global Banking and Markets division saw third-quarter revenues fall to 3.2 billion US dollars (£1.9 billion) from 4.2 billion US dollars (£2.6 billion) a year ago as uncertainty on the continent took hold.
The group, which has slashed its headcount by 5,000 since March, also saw its bad debt charges rise to 3.8 billion US dollars (£2.4 billion), from 3.1 billion US dollars (£1.9 billion) a year ago, due to worsening housing market conditions in the US.
HSBC, which reported a 34% drop in underlying group profits in the three months to September 30 to 3 billion US dollars (£1.8 billion), said it faced a challenging outlook as problems in developed markets hit growth rates around the world.
The bank joins a long list of financial firms hit by turbulence in the markets, triggered by uncertainty in Europe, including Barclays, Royal Bank of Scotland, Goldman Sachs and JP Morgan.
This post has been edited by prophetjul: Nov 11 2011, 08:41 AM 
Nov 3 2011, 11:49 PM
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anyone bought during the low, got SO MUCH BUFFER 
wats the worry? 
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