Company: HBCYF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0001089113-25-000052
Chunk: 58

Company: HSBC HOLDINGS PLC
Filing Date: 2025-07-30
Form: 6-K
Chunk 58
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 with 2024, with only moderate recovery expected in 2026. The exception is the UAE. – Consistent with weaker expected growth, unemployment is forecast to rise moderately in 2025, but remain low by historical standards. – The expected evolution of inflation is more mixed by market. In the US and the UK, it is set to remain above target through 2025 and 2026. In the US, the impact of tariffs on import prices is expected to keep prices higher, whereas in the UK changes to utility prices and employer taxes and wage costs are seen as the main driver of higher inflation. In Hong Kong and mainland China, price inflation is likely to remain subdued amid weak domestic demand and continued strong manufacturing growth in mainland China. – Housing market conditions also remain mixed, with prices forecast to continue to fall in Hong Kong and mainland China in the near term due to an excess of unsold inventory. Stronger growth is expected in the UAE and Mexico, but price gains are expected to remain more muted in the UK, US and France. – Challenging conditions are also forecast to continue in certain segments of the commercial property sector in a number of our key markets. Structural changes to demand in the office segment in particular are driving lower valuations. – Policy interest rates in key markets are forecast to gradually decline in 2025 and 2026. In the longer term, they are expected to remain at a higher level than in the pre-pandemic period. – The Brent crude oil price is forecast to average around $ 65 per barrel over the forecast period. The Central scenario was created from consensus forecasts available in May, and reviewed continually until the end of June 2025.

| HSBC Holdings plc Interim Report 2025 on Form 6-K |
| 48                                                |

| Overview |     | Interim management report |     | Interim condensed consolidatedfinancial statements |     | Additional information |
|          |     | Risk                      |     |                                                    |     |                        |

The following table describes key macroeconomic variables in the consensus Central scenario.

| Consensus Central scenario                    |                        |     |          |               |        |      |        |                        |     |          |               |        |     |        |
|                                               | 3Q25-2Q30 (as at 2Q25) |     |          |               |        |      |        | 2025–2029 (as at 4Q24) |     |          |               |        |     |