HSBC shares dive after $3 billion writedown of China bank stake

HSBC led the London market lower on Wednesday after a $3 billion hit to its operations in China saw the banking giant’s quarterly profits dive 80%. Shares in the U.K.-based lender HSBA, -8.28% HSBC, +1.31%,which makes most of its earnings in Asia, fell 7% after saying it would take a $3 billion impairment on its stake in China’s Bank of Communications.HSBC also said it would also add $200 million to its reserves to cover expected credit losses from commercial property in mainland Chi