HSBC shares plunge 6% as quarterly profit misses, commits $1B buyback

HSBC $HSBC shares fell more than 6% after quarterly profit growth missed expectations, dragging European banking stocks lower across the board. The bank announced a $1 billion share buyback program to support the stock price amid market headwinds.

The earnings miss compounds concerns over European banking sector profitability as geopolitical tensions and weak consumer confidence dampen growth prospects across the region.