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European markets open mixed, struggle to find positive momentum; HSBC down 6.7%

·1 min

European stocks opened mixed Wednesday as regional markets struggled to find positive momentum. The pan-European Stoxx 600 index was 0.2% lower in early deals, with bank stocks down 0.9% and retail up 0.5%. HSBC shares sank 6.7% after reporting an 80% drop in pre-tax profits in the final quarter of 2023 due to a charge on its stake in a Chinese bank. Hong Kong stocks gained more than 3% while wider Asia-Pacific markets traded mixed. U.S. stock futures ticked down following declines in Wall Street and Nvidia. HSBC reported a 78% jump in pre-tax profit for 2023, missing market estimates.