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:
|Middle East and North Africa||3.10%|
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,