HSBC announced a loss of $17.2bn on those investements which are linked to the credit crisis, this was much higher than expected. HSBC overall annual profits still went up by 10%. All five of the big UK banks have suffered loss through the credit crisis, although HSBC seems to be the hardest hit.

HSBC Chairman Stephen Green said he thought the years ahead looks uncertain. HSBC did see strong growth in the Asian businesses.

Yesterday saw the Yen drop compared to most other currencies. The data released on US retail sales is thought to have had a major impact. Sales gained 0.3% for the month of January 2008 despite the expected financial experts feelings it would decline by 0.3%.

The US are now worrying less about a recession within the economy after seeing the growth in retail sales. This should be some comfort to the rest of the global economy.