Shares in HSBC plunged amid frenetic trading in Hong Kong on Monday to touch a 13-year low, as short sellers tried to profit from the British bank's US$17.7bn rights issue and rating agency Moody's produced gloomy outlook. After the close, Moody's Investors Service downgraded the bank's long-term deposit and debt ratings of its US division, citing pressures on the unit's capital position (FT, SCMP, AWSJ).
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