Finance
HSBC Retracts Trader’s Downbeat Research on Qatar’s Economy
- A Dubai-based equity sales trader sent note to clients in May
- Memo was retracted, bank sent out more bullish research later
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HSBC Holdings Plc retracted a memo offering a downbeat assessment of Qatar’s economy earlier this year and sent out research that offered a more positive outlook days later, people familiar with the matter said.
A Dubai-based equity sales trader sent the original note to clients in May following a trip to Qatar, the people said, asking not to be identified as the information is private. The memo cited feedback from local investors, who painted “a pretty bleak picture,” according to a copy reviewed by Bloomberg News.