GS 高盛:汇丰银行深度报告-国内估值可参考
(14P)January 22, 2007 英文
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Recent US industrial production, consumer confidence, jobless claims and housing starts data suggest better-than-expected resilience for the US on all these fronts, and (1) remind us of the hard versus soft landing debate for China in 2004 that ended with a “no landing” outcome; and (2) suggest eventual asset quality relief at the margin for HSBC’s challenged US subprime real estate lending business (a significant 11% of group loans)


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