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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Emerging markets to spearhead recovery: HSBC AFP - Wednesday, November 11 Send IM Story Print HSBC, Europe's biggest bank, has forecast that emerging markets will lead the global economic recovery and said that the "biggest jolt" of the world financial crisis was over. LONDON (AFP) - – HSBC, Europe's biggest bank, forecast on Tuesday that emerging markets will lead the global economic recovery and said that the "biggest jolt" of the world financial crisis was over. In a trading update, chief executive Michael Geoghegan predicted emerging markets would "drive the global recovery", while the group said third-quarter profits were "significantly" ahead of one year earlier. In a busy day for Britain's banking sector, rival Barclays posted a sharp drop in earnings, but remained profitable in the third quarter, while state-controlled Lloyds Banking Group (LBG) cut 5,000 more jobs. Many British banks were hammered by the financial crisis, which forced the government to pump billion of pounds into major lenders such as Royal Bank of Scotland, LBG and Northern Rock. But HSBC and Barclays have avoided the clutches of the state -- the former by raising billions of pounds on the stock market and focusing on emerging markets, and the latter by securing large investment from Gulf nations. "The benefits of geographical diversification -- particularly in the Asian space -- was again underlined as (HSBC) pointed towards emerging markets in general having the brightest interim prospects," said analyst Richard Hunter at Hargreaves Lansdown Stockbrokers. "At the same time, management suggested that the worst of the crisis was over, which will be of particular relief to those investors still concerned over the North American experience." HSBC reported that underlying quarterly pre-tax profit was "significantly ahead" of figures a year earlier. It also said that expenses linked to loan defaults fell to the lowest quarterly level for more than a year. "Pre-tax profit for the third quarter of 2009 was significantly ahead of the third quarter 2008," HSBC said in a statement that did not provide exact figures. Geoghegan added: "Driven by stabilised credit performance in the US, loan impairment charges have fallen to their lowest quarterly level for over a year." Stripping out debt costs however, HSBC said third-quarter profits were lower compared with a year earlier. "I believe that the biggest jolt has now passed through the global economy," Geoghegan said. "But it is too early to claim victory, especially while unemployment is still rising in the West. "The world will likely experience a two-speed recovery and emerging markets currently offer the brightest prospects for growth. Indeed, it now seems clear that they will drive the global recovery." Geoghegan added that in Asia, HSBC has been "encouraged by renewed activity" in equity markets and increased demand for wealth management products. "In Hong Kong, we increased commercial lending and maintained our leading position in mortgage lending," he also said. Back in September, HSBC had announced plans to move Geoghegan to Hong Kong from London as the "centre of economic gravity" shifts from West to East. HSBC, founded in Hong Kong and Shanghai in 1865, will remain headquartered in London and regulated by Britain but Geoghegan will relocate in February to be nearer the group's "largest and most important region" of operation. Barclays meanwhile on Tuesday reported sharp falls in third-quarter net profits as the banking group's bad debts soared. Barclays said profit after tax slumped 54 percent to 1.075 billion pounds in the three months to September 30 compared with the outcome for the third quarter in 2008. Net profits slumped 29 percent to 2.73 billion pounds in the first nine months of the year. Barclays said bad debt charges surged 63 percent to 1.4 billion pounds in the third quarter and by 65 percent to 6.2 billion pounds in the first nine months. Barclays had last year won a seven-billion-pound capital injection largely backed by Abu Dhabi and Qatar, as it survived the credit crunch without government aid. But Abu Dhabi has since sold most of its holding. In addition, Qatar's sovereign wealth fund, the Qatar Investment Authority, recent trimmed its Barclays stake. 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