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BOUNCE. Strong first-quarter numbers and an upbeat outlook helped Standard Chartered (STAN.L), (2888.HK) shares rally more than 3% in early London trading on Thursday. Pre-tax profit of $1.4 billion read more for the Asia-focused lender was two-fifths above analysts’ forecasts as a sharp drop in impairments offset the hit from still-shrinking interest margins. The bank also predicted revenue growth would return to its target medium-term rate of 5-7% next year.
Meeting that depends a lot on Hong Kong, responsible for a third of StanChart’s business and where it plans to hire 400 people for wealth management. The lure is the city’s inclusion in Beijing’s efforts to better integrate the nearby Greater Bay Area. Progress there depends on Hong Kong’s China border reopening. Yet local carrier Cathay Pacific (0293.HK) offered aircrew voluntary redundancy on Wednesday and expects no upturn for a while in its flight schedule, which is China-heavy. StanChart’s optimism may take longer than it expects to come good read more . (By Jennifer Hughes)
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Earlier in Capital Calls:
Aussie sovereign fund waves its safe hands read more
Samsung showcases power of sprawl read more
Powell’s troublesome poker face read more
Shopify accelerates to slowdown read more
Mishcon de Reya IPO needs polished investor brief read more
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