HSBC to Standard Chartered Drop as Moody’s Warns on Cyprus
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HSBC Holdings Plc, Europe’s biggest bank by assets, and Standard Chartered Plc fell in Hong Kong trading after Moody’s Investors Service said the turmoil in Cyprus may have negative implications for European bank ratings.
HSBC declined 2.6 percent, the most in almost six weeks, at 1:44 p.m. in Hong Kong. Standard Chartered, Britain’s second-largest lender by market value, slid 1.5 percent. The MSCI Asia Pacific Financial Index lost 2.1 percent, heading for the biggest drop since July, as JPMorgan Chase & Co. recommended betting against China’s biggest lenders.