HSBC missed second-quarter profit expectations, reporting $6.3 billion profit before tax, down 29% from last year. The bank announced a $3 billion share buyback. Operating expenses rose by 10%, attributed to restructuring and technology investment. Shares fell 3.82% in Hong Kong. CEO Elhedery highlighted global economic challenges and uncertainty due to tariffs.

HSBC warned of muted lending demand for the year but forecasted growth in its wealth division. The bank plans to cut equities team employees in Germany as part of restructuring efforts. Last October, HSBC announced a plan to split operations into four divisions to cut costs by $300 million. In January, it announced exiting M&A and equities operations in Europe and Americas. Morningstar analyst highlighted the need for shareholder support in Asia and the search for a new Group Chairman.

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1. The Federal Reserve has announced plans to raise interest rates by a quarter-point, citing concerns about inflation. This marks the first rate hike since 2018.

2. Tesla has announced a new $5 billion stock buyback program, sending shares soaring. The move comes amidst increased competition in the electric vehicle market.

3. Apple has unveiled its latest iPhone model, the iPhone 13. The new device boasts improved cameras, longer battery life, and a faster processor.

4. The S&P 500 has hit a new record high, fueled by strong corporate earnings and optimism about the economic recovery. Tech stocks led the rally.

5. Oil prices have surged to a seven-year high, driven by supply disruptions and strong demand. The price of Brent crude surpassed $80 per barrel for the first time since 2014.: HSBC announces $3 billion share buyback after second-quarter profit plunges 29%