The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sector this year, spiked on Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Walmart said Monday it's relaunching the once-beloved trendy New York fashion brand, Scoop NYC, on its website nationwide and in select stores.Retailread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
HSBC's fortune turned around in 2017 with an increase in the year's profit.
The bank, largest in Europe by assets, said Tuesday its full-year profit before tax rose 10.9 percent to $20.99 billion after adjusting for foreign currency translation and one-off items. That's beating an estimated $19.67 billion by Reuters and reversing the decline seen one year ago in 2016.
The bank's reported profit before tax, meanwhile, rose 141.4 percent to $17.17 billion in the year 2017.
Adjusted revenue for 2017 was $51.5 billion, up 5 percent from the previous year.
"The figures are better than our forecasts," Kenny Wen, wealth management strategist at Everbright Sun Hung Kai, told CNBC. "Our focus will be on the dividend policy as well as the share buybacks."
HSBC did not announce another round of share purchases as analysts had expected, but said in its earnings release that it would buy back shares "as and when appropriate." The bank has bought back $5.5 billion worth of shares from investors since August 2016.
The bank's Hong Kong-listed shares, a heavyweight on the , fell 3.11 percent on Tuesday, erasing the gains seen before the release of the latest earnings report.
Analysts had expected higher interest rates to boost HSBC's lending profitability, resulting in the improved financial performance.
"I think they will have another, not a record, but better-than-expected earnings," Dickie Wong, executive director of Kingston Securities, told CNBC ahead of the release of the financial report.
Wong added that HSBC is "in a better shape" compared to other international banks.
Stuart Gulliver, instrumental in turning around HSBC, will step down as the bank's chief executive after Tuesday. He will be replaced by HSBC veteran John Flint, who most recently served as the bank's head of retail banking and wealth management.
HSBC's latest earnings statement cemented its ability to pick itself up after the global financial crisis. In addition to shifting its focus to Asia, the bank also scaled back some of its operations, including selling its Brazilian business.
"These results and the achievements of the last couple of years give us a great platform to build on," said Flint in a release that accompanied the earnings announcement.