HSBC's woes mount

HSBC tells investors its capital situation is sound following downgrades on its stock and another salvo from activist investor Knight Vinke.

HSBC issued a statement yesterday saying it ôhad not sought capital support from the UK government and cannot envisage circumstances where such action would be necessaryö. The bank went on to reiterate that it is strongly capitalised and committed to maintaining this position. The statement came on a day when HSBC's shares lost 3% on the Hong Kong stock exchange to close at HK$62.30 $8.03, dragging down sentiment across Hong Kong equities.

HSBCÆs share price is...

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