- Accounting gains boost the bottom line
- Uncertainty in China is a major problem
It was difficult to characterise the results for HSBC (HSBA) as anything other than disappointing, with earnings growth generated by a mixed bag of one-off accounting benefits that were the by-product of acquisitions and asset sales. In fact, even the announcement of a further $2bn (£1.6bn) share buyback, along with a possible special dividend in the second half of this year, were not enough to lift the mood and the shares fell notably on results day.