HSBC 2nd half earning annoucement

HSBC announced 2nd half earning yesterday. The profits has dropped compared to one year early. But it is still above the earning estimate because gains from Emerging Mkt made up for the loss in U.S loan defaults. Its share price increased 1.1% yesterday. Bond's spreads have widened. CDS price has increased too. In the finance sector, based on ML Index, brokerage companies bonds spreads has widend most, and banking and insurance companies bonds spreads have widened at a much smaller scale.