HSBC has announced that Chief Executive Noel Quinn will be stepping down, with the search for his replacement already underway. Quinn will remain in his role during the transition period to facilitate a seamless handover, after which he plans to retire.
The announcement coincides with HSBC’s report on Tuesday of a $200 million decrease in its pre-tax profits for the first quarter, totaling $12.7 billion.
Market movements saw Hong Kong stocks rising for a seventh consecutive day. Meanwhile, markets in Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei, and Jakarta also showed gains.
Further support came from news of China’s factory activity in April, which increased more than anticipated, despite a slower growth rate compared to the previous month.
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In Japan, the Tokyo stock market surged by more than one percent, catching up with the rest of Asia’s gains from Monday, which was a holiday in Japan.
On Wall Street, the S&P 500 edged up by 0.3 percent to 5,116.17, while the Dow Jones Industrial Average increased by 0.4 percent to 38,386.09, and the Nasdaq Composite rose by 0.3 percent to 15,983.08.
In the bond market, the yield on the 10-year Treasury note fell to 4.61 percent from 4.67 percent at the close of the previous week.
