HSBC 2003 Annual Report Download - page 48
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HSBC HOLDINGS PLC
Financial Review (continued)
46
US$236 million lower as credit spreads on
corporate bonds widened sharply in response to an
erosion of market confidence caused by low earnings
growth and news of corporate scandals in the United
States. Dealing profits were also affected by
weaknesses in the equity markets.
Fees in debt capital markets grew strongly by
30 per cent, or US$40 million, as HSBC improved its
position in European markets.