London, Feb 9, 2026, 10:38 GMT — Regular session
- HSBC shares climbed in London morning trade, with investors eyeing annual results due later this month
- NatWest’s deal with Evelyn Partners has thrown the spotlight back on wealth management fees for UK banks.
- Gilt yields climbed as UK political nerves flared, giving banks yet one more factor to juggle.
Shares of HSBC Holdings in London edged up 0.4% to roughly 1,312 pence as of 1038 GMT on Monday, with investors appearing to position themselves ahead of the lender’s annual results release later this month.
It’s a minor shift, yet the timing is key. Bank investors are left figuring out earnings once interest rates take a back seat and fee income starts pulling more of the load.
The shift is showing up in the daily tape now. UK banks are pushing further into wealth management and fee-driven businesses, while deal headlines in the sector are stirring up more talk about price, execution, and what kind of returns actually stack up.
Shares of HSBC kicked off the session at 1,313.4 pence and swung from about 1,308 to 1,316.8, with Friday’s close marked at 1,305.8, market data showed.
The latest move in the sector: NatWest has agreed to acquire Evelyn Partners, a wealth manager, for £2.7 billion with debt factored in. RBC Capital Markets’ Benjamin Toms described the deal as “transformational.” Jefferies analysts, for their part, flagged the price as steep and cautioned it might put pressure on EPS until 2028. Reuters
Politics faded into the background on traders’ screens. UK government bond yields moved higher early Monday as investors assessed Prime Minister Keir Starmer’s standing. Rabobank strategist Benjamin Picton said the exit of Starmer’s top aide might buy him some time, but unrest is building. The five-year gilt auction set for Tuesday and Thursday’s UK economic growth figures are next up for traders looking to gauge demand and sentiment.
HSBC faces some old questions in the short run. Net interest income—the difference between what the bank collects on loans and pays out on deposits—remains a focus, while investors are watching to see if gains in wealth and other fees might counterbalance any pressure on margins.
After a strong rally that’s pushed shares near recent highs, investors are keen for clues on costs and capital returns.
The downside? Not a stretch to outline. Quicker rate cuts might squeeze margins, while political turbulence in the UK has a way of jolting sterling and funding markets—steady business trends or not.
Investors are eyeing Feb. 25—HSBC’s annual results land then, marking the next key event for the stock.
