bodyType

customContents

entityId

printArticlePageQuery

filter

article

body

urlAlias

articleSectionsContent

articleSeoArticle

articleSourceHeaderArticle

contentSchemaRenderContent

contentSubHeadlineContent

contentHeadlineContent

mainImagePrintArticleArticle

authorBlockPrintArticleArticle

contentSponsorTagContent

articlePianoPaywallContent

scmpYoutubeContent

hooksTrackPageViewArticle

query printArticlePageQuery(
  $entityId: String!
  $customContents: [CustomContentInput]
  $bodyType: BodyFormatTypeEnum
) {
  article(filter: {entityId: $entityId}) {
    entityId
    body(customContents: $customContents, type: $bodyType) {
      json
    }
    urlAlias
    ...articleSectionsContent
    ...articleSeoArticle_3o8td4
    ...articleSourceHeaderArticle
    ...contentSchemaRenderContent
    ...contentSubHeadlineContent
    ...contentHeadlineContent
    ...mainImagePrintArticleArticle
    ...authorBlockPrintArticleArticle
    ...contentSponsorTagContent
    ...articlePianoPaywallContent
    ...scmpYoutubeContent
    ...hooksTrackPageViewArticle
    id
  }
}

fragment articlePianoPaywallContent on Content {
  __isContent: __typename
  ...hooksPaywallPromiseContent
}

fragment articleSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment articleSeoArticle_3o8td4 on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  ...helpersGetArticleTypeArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: $customContents, type: $bodyType) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
  readingTime
}

fragment articleSourceHeaderArticle on Article {
  urlAlias
  ...entityLink
}

fragment authorBlockPrintArticleArticle on Article {
  ...defaultArticleDateContent
  ...authorNamesArticle
}

fragment authorNameAuthor on Author {
  ...entityLink
  name
  entityUuid
}

fragment authorNamesArticle on Article {
  authorLocations
  authors {
    entityId
    location
    ...authorNameAuthor
    id
  }
}

fragment blockquoteQuoteContent on Content {
  __isContent: __typename
  ...contentShareWidgetContent
}

fragment checkersCheckContentContainsStarlingImageContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentNewsletterWidgetContent on Content {
  __isContent: __typename
  topics {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
    id
  }
  sections {
    value {
      relatedNewsletters {
        ...helpersMassageToNewsletterItemNewsletter
        id
      }
      id
    }
  }
  ... on Article {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
  }
}

fragment contentSchemaRenderContent on Content {
  __isContent: __typename
  ...blockquoteQuoteContent
  ...imageContent
  ...inlineWidgetContent
  ...photoGalleryWidgetContent
  ...scmpYoutubeContent
}

fragment contentShareWidgetContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  shortUrl
  socialHeadline
  headline
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSubHeadlineContent on Content {
  __isContent: __typename
  subHeadline {
    json
  }
  summary {
    json
  }
  ...contentSchemaRenderContent
}

fragment defaultArticleDateContent on Content {
  __isContent: __typename
  ...hooksArticleDateUtilsContent
}

fragment entityLink on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsLiveArticle
  ...helpersCheckIsPlusPage
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
}

fragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsAmpEnabledArticle on Article {
  entityId
  types {
    value {
      entityId
      id
    }
  }
  sections {
    value {
      entityId
      id
    }
  }
  disableOffPlatformContent
  sponsorType
  published
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsPostiesArticle
}

fragment helpersCheckIsLiveArticle on Article {
  flattenTypeIds
  liveArticle {
    status
    id
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsPlusArticle on Content {
  __isContent: __typename
  ... on Article {
    paywallTypes {
      entityUuid
      id
    }
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostMagazineArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Content {
  __isContent: __typename
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        entityId
        id
      }
    }
  }
}

fragment helpersMassageToNewsletterItemNewsletter on Newsletter {
  entityId
  name
  alternativeName
  description {
    text
  }
  summary {
    text
  }
  homepageDescription {
    text
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...hooksContentHeadlineTagContent
  ...helpersCheckIsAmpEnabledArticle
  entityId
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_postmag", "og_image_style", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksPaywallPromiseContent on Content {
  __isContent: __typename
  entityId
  ...helpersCheckIsPostiesArticle
}

fragment hooksTrackPageViewArticle on Article {
  entityId
  publishedDate
  headline
  sections {
    value {
      name
      id
    }
  }
  urlAlias
  authors {
    name
    id
  }
  entityUuid
}

fragment imageContent on Content {
  __isContent: __typename
  headline
  ...checkersCheckContentContainsStarlingImageContent
}

fragment inlineWidgetContent on Content {
  __isContent: __typename
  ...contentNewsletterWidgetContent
}

fragment mainImagePrintArticleArticle on Article {
  images {
    title
    url
    isSlideshow
    size_652x446: style(filter: {style: "652x446"}) {
      url
    }
  }
}

fragment photoGalleryDialogContent on Content {
  __isContent: __typename
  __typename
  ...contentShareWidgetContent
}

fragment photoGalleryWidgetContent on Content {
  __isContent: __typename
  ...photoGalleryDialogContent
}

fragment scmpYoutubeContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  publishedDate
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}


sections

types

disableOffPlatformContent

sponsorType

published

headline

socialHeadline

authors

images

publishedDate

updatedDate

summary

subHeadline

keywords

topics

readingTime

authorLocations

entityUuid

Chad Bray

When HSBC and Standard Chartered report their interim results beginning this week, investors will be closely watching for guidance on the outlook for Hong Kong’s economy and whether further strains have emerged in their commercial property portfolios in mainland China.
Standard Chartered will be the first of the city’s three currency-issuing banks to update investors on its half-year performance on Friday, followed by HSBC on Monday and Bank of China (Hong Kong) next month.
Even with an improving macroeconomic outlook and better net interest margins, loan growth has been flattish in Hong Kong and fee income could be sluggish in the quarter for banks in Hong Kong.
“Despite a 20 per cent rebound from the trough on the Hang Seng Index, retail investor sentiment remains weak, impacting investment distribution income,” Citigroup analyst Yafei Tian said in a research note.
“Hence we forecast fee income to be broadly flattish quarter on quarter, with soft wealth offset by some improvements in credit card fees.”
Key areas to watch will be the expansion of net interest margins on the back of rising interest rates, particularly with accelerated increases by the US Federal Reserve, more provisions related to a deterioration in the Chinese commercial real estate market and a moderation in capital markets and trading, Tian said.


HSBC, the largest of the city’s three currency-issuing banks, is expected to report a 21 per cent drop in pre-tax profit to US$3.98 billion in the second quarter from a year earlier, based on consensus analyst forecasts compiled by the bank.
Standard Chartered, which reports on Friday, is seen making a pre-tax profit of US$989 million in the second quarter, according to a consensus compiled by the bank. It made US$1.15 billion a year earlier, driven in part by releases of reserves set aside for potential soured loans during the pandemic.
Both lenders are based in London but generate much of their revenue in Asia and count Hong Kong as their single-largest market.
The results come as Moody’s Investors Services warned last week that Hong Kong banks face higher asset risk in their loan portfolios as China’s economy continues to slow amid further coronavirus disruptions and financial pressure in the nation’s property markets.

“The impaired loan ratios for Hong Kong banks’ mainland loans will likely further rise this year in light of China’s economic slowdown, after increasing more abruptly than overall loan exposures over the six months to March 2022,” said Helen Zhang, a Moody’s analyst.
China’s economic growth slowed to 0.4 per cent in the second quarter, in part as a result of a two-month lockdown in Shanghai to combat the spread of Covid-19.
The nation’s property developers are facing further financial pressure as homeowners at more than 300 projects across the mainland are refusing to pay their mortgages in protest over construction delays.
S&P Global Ratings separately warned last week that a fifth of rated Chinese property developers could end up becoming insolvent, putting as much as US$88 billion of their distressed bonds at risk.




On Friday, China Evergrande Group, one of China’s biggest residential developers and the world’s most indebted developer, ousted its CEO and financial chief amid an internal inquiry into 13.4 billion yuan (US$1.9 billion) in deposits used as security guarantees for bank loans and later seized by creditors. The Guangzhou-based home builder hopes to unveil a preliminary restructuring plan for its US$300 billion mountain of liabilities later this month.
The debt woes of Evergrande and several other developers have unnerved foreign investors in the past year, particularly given the large role housing plays in the Chinese economy.
HSBC and Standard Chartered, both of which have made big bets on future growth in China, each took US$160 million credit impairments for potential soured loans in their Chinese commercial real estate books in the first quarter amid the worsening outlook for China’s economy. They have previously stressed the quality of their mainland property portfolios.
Hang Seng Bank, which is 62.14 per cent owned by HSBC and reports on Monday, and Bank of East Asia, which reports its interim results on August 18, could face higher credit costs in the first quarter because of increased provisions for Chinese commercial real estate, according to Tian, the Citi analyst.

“Unlike onshore loans, offshore loans are often uncollateralised, which could require a higher coverage ratio,” she said.
Hang Seng also could face pressure on its first-half income from fees amid sluggish market sentiment and a 4 per cent contraction in the Hong Kong economy in the first quarter, according to Tian.
At the same time, uncertainty over the global economy and the pace of interest rate increases cut into deal making activity and fuelled wild swings in financial markets, which could weigh on the results at HSBC and Standard Chartered.
Second-quarter profit fell 28 per cent at American rival JPMorgan Chase and 47 per cent at Goldman Sachs amid the investor uncertainty.
HSBC is also grappling with how to address a push by Ping An Insurance Group, its largest shareholder, to spin off the lender’s Asia business.
Ping An’s push has failed to resonate with major investors so far, but HSBC may face pressure to address concerns raised by Ping An, particularly if there are ways to further unlock value in the company. HSBC has hired boutique investment bank Roby Warshaw and Goldman Sachs to help conduct a review.


Standard Chartered, HSBC expected to report weaker results as choppy markets, China’s economic slowdown weigh on outlook

HSBC headquarters and Standard Chartered bank building in Central. Photo: Nora Tam

A pedestrian walks past a lion guarding HSBC’a main building in Central in April. Photo: AFP

Residents queue up at a Standard Chartered branch in Chai Wan amid the fifth wave of coronavirus outbreak in March. Photo: YikYeung-man

Business

Banking & Finance

China Business

Companies

Markets

News

Hong Kong

Hong Kong Economy

Standard Chartered is due to kick off Hong Kong bank earnings season when it reports on Friday
The lenders could face weaker results after market uncertainty hit global deal making, according to analysts.


The banking giants could face weaker results as market uncertainty hit global deal making and China’s economic slowdown could prompt additional provisions for their onshore commercial property portfolios, according to analysts.


Standard Chartered, HSBC expected to report weaker results as choppy markets, China’s economic slowdown weigh on outlook

Standard Chartered is due to kick off Hong Kong bank earnings season when it reports on Friday The lenders could face weaker results after market uncertainty hit global deal making, according to analysts.

Standard Chartered is due to kick off Hong Kong bank earnings season when it reports on Friday

The lenders could face weaker results after market uncertainty hit global deal making, according to analysts.