London, Feb 8, 2026, 08:00 GMT — The market is shut.
HSBC Holdings Plc closed out Friday in London with shares up 28.2 pence, or 2.2%, settling at 1,305.8 pence, Refinitiv figures on the bank’s investor website show. Over in New York, its stock climbed $2.42 to $89.29. The Hong Kong listing, though, slipped HK$3.70, finishing at HK$134.80. 1
The outlook for UK bank stocks is hanging on wherever interest rates finally land, and traders haven’t settled on that just yet. According to a Bank of England survey out Friday, market players are penciling in a drop in Bank Rate to 3.0% by March 2027—down from 3.75%. Markets, Reuters noted, are nearly fully pricing in two more quarter-point cuts for 2026. 2
The rate trajectory is key for banks, since it directly shapes the spread on their lending. When that spread narrows, net interest margin gets pinched — that’s the difference between interest earned on loans and what banks pay out on deposits. Softer rates might spur more borrowing, but the margin squeeze can still bite.
HSBC tracked the broader move among London’s banks heading into the close. The FTSE 100 tacked on 0.6% by Friday’s finish. Lloyds, NatWest, and Barclays posted gains ranging from 0.9% to 2.8%, according to Reuters. 3
London stays closed until Sunday, so HSBC’s next move will come Monday when markets reopen. Early action could hinge on gilt yields and sterling; lately, traders have been watching rates before stocks.
Still, there’s a wrinkle in the rate-cut narrative. BoE chief economist Huw Pill, speaking Friday, pushed back on optimism tied to a short-term drop in inflation that he chalked up to temporary factors. The disinflation process, he stressed, “is still not complete.” 4
HSBC’s earnings aren’t just about the top-line macro story—investors are also zeroed in on the details: costs, credit quality, and if management still has firepower for capital returns. A slight change in how executives talk about the balance sheet or payouts can jolt the shares, even when the main numbers stick near estimates.
Investors hedging currency exposure have something else to watch: the spread between HSBC’s action in London, Hong Kong, and New York. That gap can flag just where marginal buyers are stepping in.
Eyes on HSBC’s annual numbers—set to land Wednesday, Feb. 25 at 4 a.m. GMT. The bank will then face investors and analysts in a session slated for 7:45 a.m. GMT, as outlined in its results calendar. 5
