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To: Johnny Canuck who wrote (37934)	8/6/2002 3:05:03 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68892

4:25AM HSBC : Consumers becoming more cautious (HBC, UK:HSBA) by Emily Church HSBC (US:HBC) (UK:HSBA), the largest bank in the U.K. by assets, in a cautionary comment on the outlook for the markets for the rest of the year said that consumers are becoming more cautious. "2002 is more likely to be shaped by sentiment than by economic fundamentals or by policy action although there are signs of recovery in the world economy," the bank said. "It is unlikely that the decline in personal wealth caused by the fall in the equity markets can be reversed quickly by macroeconomic policy actions.Consumers, who drove a prolonged period of growth and mitigated the effects of the bursting of the technology and telecoms bubble, are becoming more cautious. Without growth in corporate profitability and investment, a stock market rebound is unlikely. We continue to position HSBC for a subdued environment. We have strengthened ourcapital position still further." 4:19AM HSBC, UK No 1, bad debt provisions rise $274mln (HBC, UK:HSBA) by Emily Church Share of HSBC (US:HBC) (UK:HSBA), the largest U.K. bank by assets, rose 1.8 percent on Monday after the bank posted better-than-expected operating profits and set aside less than the market was expecting for bad debts. HSBC posted earnings per share of 35 cents in the first half vs. 37 cents in the first half last year. Operating profit before charges rose 5 percent to $5.96 billion; net profit was $3.3 billion, a decrease of 7 percent. HSBC took a $715 million charge for bad and doubtful debts in the first half of the year, up $274 million from last year, but against some expectation for provisioning of around $1 billion on exposure to troubled U.S. telecoms or energy debt and Argentina. HSBC approved a first interim dividend of 25 cents a share, up 8 percent over last year's. It said would "continue to position HSBC for a subdued environment" going ahead.