The 2nd Derivative – A Follow up: HSBC example.
Let’s start with the Europe Stoxx 600 Banks Chart in 2019:
Now HSBC in eur in 2019:
And HSBC in GBP:
About to retest a big support.
Now what about HSBC exposure by regions:
Hong Kong | 19.90% |
United Kingdom | 12% |
Asia | 13.50% |
United States | 5.10% |
Latin America | 3.50% |
Middle East and North Africa | 3.10% |
Europe | 6.30% |
France | 2.20% |
North America | 2.70% |
So yes looking at HSBC as a 2nd derivative (for HK turmoil) was not a bad idea as the chart below illustrates:
HSBC under performed the European Bank Sector by roughly 14% since the end of May 2019. It started to decorrelate mid August.
I hope it helps,
Gregoire
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