The Traderszone Network

HSBC Holdings Plc (HSBA.L) agreed to sell its Brazilian unit to Banco Bradesco SA (BBDC4.SA) for $5.2 billion, retreating from the second-largest emerging market economy after years of disappointing performance. Europe’s No. 1 bank said in a statement on Monday that the accord with Bradesco includes the disposal of the HSBC Bank Brasil SA Banco Múltiplo and the HSBC Serviços e Participações Ltda units. Reuters reported on July 20 that Bradesco had entered exclusive talks with HSBC after offering to pay about 12 billion reais, or 1.2 times book value, for HSBC Brasil.

The Chinese slowdown is forcing many Western companies to take a hard look at their businesses there, leading many to reduce investments, costs and product lines and to tackle increasing bad debts. Double digit growth rates during the first decade of the millennium lured scores of Western companies to invest heavily in China. A recent equities market rout has dashed hopes China will, in the coming years, return to the robust growth it saw in the past.

A lower opening generally
– FTSE -0.1%
– DAX -0.1%
– CAC40 -0.1%
– FTMIB +0.1%
– IBEX flat
China’s CS1300 Index closed up 0.3% at 3829.24

King Salman of Saudi Arabia has cut short his French Riviera holiday amid a growing row over the closure of a beach in front of his property.

Traders are bracing themselves for a day of “losses and volatility” when Greece’s stock market is expected to reopen Monday.

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Soft start to the European session
– DAX futures -0.2%
– CAC40 -0.2%
– FTSE -0.5%
Bund futures down 1 at 154.39