HSBC Stock News

Shares of banking giant HSBC Holdings fell as much as 7% on Tuesday as the lender revealed that customers are increasingly turning to higher-rate products.

European shares fell on Tuesday after disappointing earnings from HSBC weighed on banking shares, ​while ongoing tensions in France added to ​investor caution.

HSBC's share price has been in a steep sell-off over the past few months, mirroring the weakness across other European banks. After peaking at 1,608p in August, the stock has fallen to 1,365p, wiping out billions of pounds in market value.

The bank said quarterly results were supported by growth in banking net interest income and lower expected credit losses.

HSBC's revenue rose year-on-year to $18.6 billion. The bank's third-quarter profit before tax rose 32% from a year earlier to $9.6 billion.

HSBC reported a 32% ​surge in third-quarter ‌profit on Tuesday, as rate hikes helped ​boost net interest ​income, while its wealth ⁠management division benefited ​from turbulent market conditions

The FTSE 100 Index has pulled back over the past few days, falling from this month's high of 10,891 to its current level of 10,670. The retreat continued this week as top companies like Barclays released their earnings and crude oil prices jumped.