Company: HBCYF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0001089113-25-000052
Chunk: 63

Company: HSBC HOLDINGS PLC
Filing Date: 2025-07-30
Form: 6-K
Chunk 63
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 | -1Q26 |  0.3 | -1Q25 |   -2.1 | -4Q26 |
| Unemployment rate (%, max)2                        |  6.1 | -4Q25 |  5.3 | -3Q25 |       5.1 | -2Q26 |            6.9 | -4Q26 |    8.3 | -3Q25 |  3.4 | -1Q26 |    4.1 | -4Q25 |
| House price index (%, start-to-trough)1            | -4.5 | -1Q26 | -0.2 | -1Q25 |      -1.9 | -2Q26 |          -12.8 | -3Q26 |   -0.3 | -1Q25 | -0.4 | -1Q25 |    2.1 | -1Q25 |
| Inflation rate (YoY % change, max)3                |  3.4 | -4Q25 |  4.5 | -1Q26 |       3.1 | -1Q26 |            2.0 | -1Q26 |    2.6 | -3Q25 |  2.8 | -1Q26 |    7.4 | -4Q25 |
| Central bank policy rate (%, max)3                 |  5.0 | -1Q25 |  4.8 | -1Q25 |       5.2 | -1Q25 |            3.0 | -1Q25 |    3.2 | -1Q25 |  4.8 | -1Q25 |   11.5 | -3Q25 |

1 Cumulative change to the lowest level of the series during the 20-quarter projection.

2 The highest projected unemployment in the scenario.

3 Due to the calibration of inflation and interest rates in 2Q, the table shows highest year-on-year percentage change in inflation and projected policy rates for the

US and Mexico, and lowest for other countries. For the UAE and Hong Kong, the policy rate is also shown as the maximum, consistent with the operation of US

dollar-linked exchange rates. For mainland China, the policy rate shown is the Loan Prime rate.

Downside 2 scenario

The Downside 2 scenario features