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HSBC Holdings was one of the few advancers in London trade on Monday, with the banking giant rising on a report it is about to exit from the retail U.S. market.
HSBC HSBA, +0.73% shares rose as much as 1.5% in a declining market, as the Financial Times and Bloomberg reported the bank is about to scrap the U.S. retail bank operation while moving more top executives to Hong Kong from London and expanding more in Singapore.
HSBC results will be released ahead of the Hong Kong market open on Tuesday.
The FTSE 100 UKX, -0.57% more broadly dropped 0.7%, about in line with other global stock markets, amid increasing investor fears about inflation.
With U.K. Prime Minister Boris Johnson set to announce England’s plan for coming out of its COVID-19 lockdown, airlines including Wizz Air WIZZ, +3.92% and easyJet EZJ, +3.66% rose, with movie-theater chain operator Cineworld CINE, +3.64% also gaining ground.
Stocks that have done well during the pandemic, including supermarket delivery company Ocado OCDO, -3.28% and food delivery service Just Eat Takeaway JET, -3.44%, lost ground.
