HSBC was under pressure again on Wednesday. However, this time it was not just fears of a rights issue which did the damage but concerns the bank could be hit hard by the Federal Reserve’s decision to slash US interest rates to virtually zero.

HSBC closed 6 per cent lower at 672p – the biggest faller in the FTSE 100 – on the realisation that returns on the bank’s surplus deposits in Asia and notably Hong Kong are set to fall rapidly.