Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBCs international network comprises over 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. Companby has listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges. Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.

            Red = 25 day moving average.           Green = 200 day moving average.

SALE OF UPSTATE NEW YORK RETAIL BRANCHES TO FIRST NIAGARA COMPLETES
***Branches sold for a consideration of US$0.9bn***
***HSBC to retain commercial banking operations in the Upstate NY market***


On 31 July 2011, HSBC announced that its wholly-owned subsidiary HSBC Bank USA, N.A. and other wholly-owned subsidiaries, had agreed to sell 195 retail branches, primarily in Upstate New York1, to First Niagara Bank, N.A. ("First Niagara")2.

The sale to First Niagara completed today. Consideration received, based on figures at 30 April 2012, was approximately US$0.9bn3.

At 30 April 2012, the branches held approximately US$14.5bn in deposits and over US$4bn of brokerage and insurance assets under management. As at 30 April 2012 the branches had outstanding loans to customers of US$2.2bn.

HSBC Bank USA, N.A. remains committed to serving and further developing corporate banking relationships in Upstate New York, including the provision of a full suite of international commercial banking offerings, including trade and cash management products and services.

Just bought a few more here @555.

I also think HSBC and LLoyds to close positive.

Just sold my recent purchase +15.

Taken a chance and bought back in here @551 - I was tempted with RBS @200 out of auction, but didn't.

Just closed again +16.

SANDY FLOCKHART TO RETIRE FROM
HSBC HOLDINGS BOARD

Sandy Flockhart will retire as a non-executive Director of HSBC Holdings plc, and from his position as Chairman of HSBC Bank plc, and as a Director of HSBC Bank Middle East Ltd on 31 July 2012.

Sandy Flockhart previously stepped down as an executive in April 2012 after a long career with HSBC, most recently as Chairman of HSBC's operations in Europe, the Middle East and Africa and, prior to that, Chief Executive Officer of The Hongkong and Shanghai Banking Corporation Limited and President and Group Managing Director with responsibility for Latin America and the Caribbean. He also served as Chief Executive Officer in Mexico, Managing Director in Saudi Arabia, Chief Executive Officer in Thailand and Chairman of HSBC Malaysia.

Douglas Flint, Group Chairman, said: "We are extremely grateful to Sandy for his dedicated and loyal service to HSBC over 37 years including the last four years on the HSBC Holdings Board and wish him well for the future, particularly in his continuing fight against cancer."

Note from Merrill Lynch:
"As we set out in our recent report 9 reasons we are bears of HSBC, we think consensus is c. 10% too high and whilst we believe management is doing a good job, revenue headwinds mean that its efforts to move toward targets could begin to look increasingly ambitious. With HSBC now a delivery stock, we think risk of disappointment is running high. We reiterate our Underperform rating and preference for StanChart (XTSDF; INR100.75; B-1-7), which has a superior capital position, is a purer play on emerging markets, has less execution risk and is cheaper on a P/E, in our view. We forecast U/L PBT of US$12.1bn in 1H12. This excludes a negative FVOD of US$2.6bn and gains on sale of US branches and cards of US$3.7bn and compares to company collected consensus on the same basis of US$12.7bn. For more details on our estimates see Table 1. 2Q12 could have seen some sizable headwinds
The first quarter at HSBC is typically strong. This was the case in 1Q12, as HSBC benefited from a strong bounce in GBM revenues, gilt gains, positive movements in non qualifying hedges (as bond yields increased) and the usual positive seasonality from HFC bad debts. Bad debts in Europe and HK were also running well below what is normally expected, in our view. With markets turning negative in 2Q12, we estimate GBM activity should have fallen and balance sheet management revenue should be a lot lower. With bond yields now below FY11 levels we believe a reversal of the NQH positive moves in 1Q should be expected and more. Given US seasonality, low levels of 1Q12 bad debts in Europe and comments from StanChart that bad debt was up in Asia, we think impairments could also be a headwind. FX has also been a particular feature in 2Q, with big movements in the Real and Rupee. With the outlook for 2H12e looking increasingly uncertain we think consensus forecasts look at risk and we reiterate our Underperform rating."

Digitallook: "HSBC has been sweltering in the spotlight recently after being found wanting in its money-laundering prevention checks. Barclays proved on Friday, however, that the market is prepared to overlook lapses in judgement if the numbers are good enough.

The number for HSBC to aim for (monday 30th - Interim results) is HK$12,144m, being the consensus estimate profit before tax. The market is expecting earnings per share of 48 cents, a dividend of 18 cents and, in all probability, an apology from HSBC management for past misdemeanours and oversights.

Analysts will be looking out for any increase in provisions for the mis-selling of payment protection insurance (PPI) claims, while wage inflation in Asia has been flagged in the past as a concern."

Interim Results

2012 INTERIM RESULTS - HIGHLIGHTS

· Attributable profit up 14% to HK$9,302m (HK$8,160m for the first half of 2011).

· Profit before tax up 14% to HK$10,659m (HK$9,354m for the first half of 2011).

· Operating profit up 13% to HK$8,034m (HK$7,129m for the first half of 2011).

· Operating profit excluding loan impairment charges up 14% to HK$8,283m
(HK$7,287m for the first half of 2011).

· Return on average shareholders' funds of 22.9% (22.8% for the first half of 2011).

· Earnings per share up 14.1% to HK$4.87 per share (HK$4.27 per share for the first half of
2011).

· Second interim dividend of HK$1.10 per share; total dividends of HK$2.20 per share for the first half of 2012 (HK$2.20 per share for the first half of 2011).

· Capital adequacy ratio of 13.9% (14.3% at 31 December 2011); core capital ratio of 11.7% (11.6% at 31 December 2011).

· Cost efficiency ratio of 33.0% (34.6% for the first half of 2011).

Profit before tax is a little short of expectations then. Hence the slight drop in sp?

Looks like it Harry - profits up, but that includes selling some of the family silver.

S&P Equity Research Upgrade to Buy TP 660.00p

HSBC pulls ultra-low 2.99%, five-year, mortgage deal

HSBC has withdrawn the 2.99%, five-year, mortgage deal which it launched just a month ago.

The bank has used up all the money it had allocated to fund the record low-rate deal.

Borrowers from HSBC will still be able to apply for home loans for the same length of time, but at the slightly higher rate of interest of 3.29%.

The bank refused to say how much money it had lent at 2.99%, or how many people had applied successfully.

12 month high is 589.30p

HSBC sells Property Vision Holdings to management

HSBC Private Bank (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc, has agreed to sell 100% of Property Vision Holdings Limited to PV Acquisition Limited, a company set up by members of Property Vision's current management team.

Property Vision, acquired by HSBC Private Bank (UK) Limited in 2001, specialises in finding UK property and providing advice on purchasing property to private clients. At 30 June 2012, the business had gross assets of US$7.2m.

New 12 month high 591.30p

New 12 month high again (so far) today @594.2p

very steady move. What is the target?

A break and hold above £6 would be a start.