London, Jan 31, 2026, 17:19 GMT — Market closed.
- HSBC ended Friday up 1.2% in London trade, tracking a late-week lift in UK bank shares.
- Traders are sizing up a Bank of England decision on Feb. 5 and HSBC’s annual results later in February.
- Any shift in rate expectations could swing the sector quickly.
HSBC Holdings’ London-listed shares closed up 1.21% at 1,285.40 pence on Friday, after a choppy week that kept the stock close to recent highs. (Yahoo Finance)
The move matters because it leaves one of the FTSE’s biggest lenders sitting in the middle of the market’s current trade: buy banks, fade miners, lean on the currency. HSBC has been a heavy weight in that push.
The FTSE 100 ended Friday up 0.5% and logged its seventh straight month of gains, helped by a weaker pound and a rally in banking stocks. “The weaker pound is obviously beneficial for the multinationals,” Fiona Cincotta, senior market analyst at City Index, said, noting the index held up even as commodities sold off. (Reuters)
HSBC’s shares have risen about 4.4% over the past five sessions, based on closing prices from Jan. 23 to Jan. 30, and traded around Thursday’s peak before easing back. (Investing)
Away from the tape, HSBC on Friday reported total voting rights of 17,175,239,862 ordinary shares as of Jan. 29, a routine update used by investors for position-disclosure calculations under UK and Hong Kong rules. (Investegate)
In Hong Kong, the bank suffered a system outage on Friday that disrupted its mobile app and some branch services for several hours, according to local media. (South China Morning Post)
The next test for the broader bank trade comes quickly. The Bank of England’s next policy decision is due on Feb. 5, with the current Bank Rate shown at 3.75% on the central bank’s schedule. (Bank of England)
HSBC itself is set to publish its annual results for 2025 on Feb. 25, according to its investor calendar. (HSBC)
Global rate signals are still doing the heavy lifting. The U.S. Federal Reserve held rates at 3.50%-3.75% on Jan. 28 and said inflation remained “somewhat elevated,” keeping markets focused on when the next move comes and how fast. (Reuters)
But the setup cuts both ways. A sharp swing in rate expectations — or a risk-off move that lifts funding costs and hits bank valuations — can unwind the sector bid fast, especially with HSBC trading near the top end of its recent range.
For Monday’s open, traders will watch whether UK banks extend last week’s push, with the BoE decision on Feb. 5 the next clear macro catalyst and HSBC’s Feb. 25 results the main company checkpoint.
