Yahoo Finance

Two of Europe’s largest banks set aside more money for soured loans, preparing for the risk that President Trump’s trade war hurts the global economy. London-listed HSBC—a huge funder of international trade—raised its expected credit losses to $900 million, up about $200 million from a year ago. In what it called a “consensus downside” scenario, where higher tariffs slow global growth, HSBC said expected losses could rise by another $500 million and revenue could be cut by a few percentage points.