1. HSBC numbers were out. Results were blighted by poor revenue trends reflecting some difficult market conditions in Asia due to the Chinese stock market correction...
...but also the cost of regulation and inflation in the business (confirmed by management as mostly wage inflation):
Full review here.
2. I review the Visa numbers and their purchase of Visa Europe (link here).
3. PMI manufacturing day.
In Asia, can you guess which country out of China and Japan has been weakening its exchange rate to help boost its manufacturing sector?
4. Turning to Europe...
Euro manu PMIs: 4 recent highs, 3 recent lows, one unch. Markit conclude 'easy' to see why the ECB considering QE2
5. Globally, manufacturing edged up..
...but as the numbers show above it is hardly rampant relative to the 50.0 neutral figure.