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 Kong19.90%
United Kingdom12%
Asia13.50%
United States5.10%
Latin America3.50%
Middle East and North Africa3.10%
Europe6.30%
France2.20%
North America2.70%

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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