The offer is being managed by HSBC Securities and Capital Markets (India) Pvt.

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James Steel analyst, HSBC Securities, said gold has a generally bullish background, but he warns of two situations to mind.

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The recovery was "likely to be relatively short-lived as exports start to fall next year, " said Peter Morgan, chief economist at HSBC Securities in Tokyo.

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Kevin Logan, chief U.S. economist with HSBC Securities, says the ineffective track record of Congress these days presents a very real possibility of another downgrade for U.S. debt in the future.

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"It is unfortunate that matters have come to a head just a few weeks after the nuclear tests and the sanctions, " says Ayesha Muzaffar, head of research at HSBC Securities in Islamabad.

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However, HSBC and TD Securities analysts say this is creating the potential for a short-covering rally should a catalyst emerge to support prices.

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Michael Trippitt of Oriel Securities said HSBC had been looked at unfairly by the market for having a relatively low core capital ratio, a key measure of a bank's reserves to back up its lending and investment portfolio.

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Investors should not be expecting any upside surprises to HSBC China flash PMI on Thursday morning, Nomura Securities analysts said in a note to clients on Thursday.

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There is only 16% concentrated in the top ten holdings, including securities of General Motors ( GM), HSBC ( HBC), Wells Fasrgo ( WFC), and Citigroup ( C).

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