HSBC profits plummet 97%

@peter_IFAMAG reads Twitter so you don’t have to.

HSBC profits plummet 97%, new data reveals. Metro Bank agrees to buy peer-to-peer lender RateSetter. Also on Twitter; recession figures, and why they might not be as bad as we all worry.

HSBC announces staggering quarterly losses, following the bank putting aside $3.8bn in coronavirus loan-loss provsions.

https://twitter.com/sjhmorris/status/1290183530274648064

Many in the FinTech industry are heralding the RateSetter purchase.

https://twitter.com/RobertCollings_/status/1290193073553543169

James Hurley strikes a more sceptical tone.

Even if you're a peer-to-peer industry bear, seeing one of the industry's largest and oldest players sold for only an initial £2.5 million is quite something https://t.co/MWQYVgSZ9y

— James Hurley (@jameshurley) August 3, 2020

Swedens economy the least effected by Coronavirus in the EU, Bloomberg reports.

Data this week could confirm how Sweden’s decision to avoid a full lockdown at the start of the coronavirus pandemic has spared its economy from the worst of the fallout https://t.co/pxBbi77oU1

— Bloomberg Markets (@markets) August 3, 2020

Microsoft negotiations to acquire Chinese owned TikTok continues, following President Donald Trump’s intervention.

Here's the Microsoft letter overnight.

It spells out the basic contours of what is happening and their "preliminary" discussions for TikTok in the US, Canada, Australia and NZhttps://t.co/nd2hldF1oy

— Arash Massoudi (@ArashMassoudi) August 3, 2020

Liz Ann Sonders puts most recent recession figures into a historical context.

Putting current recession into historical context, 2020 forecasted annual drawdown is expected to be one of worst in history; although it remains far above Great Depression levels @biancoresearch pic.twitter.com/mLqzP9RmHB

— Liz Ann Sonders (@LizAnnSonders) August 3, 2020

What are your thoughts on these tweets?

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