HSBC Holdings PLC (LSE:HSBA) shares are the best performing of the FTSE 100 banks, but the edge was taken off ahead of its third-quarter results by earnings from rival Standard Chartered in the past week.
Both lenders are more overseas-focused than Lloyds and Natwest, and have a much greater Asia tilt than Barclays.
Stan Chart's shares tumbled 12% on the morning of its update after it reported a sharp drop in quarterly profit, taking a hit from its exposure to Chinese banking and real estate.
Credit impairments rose, partly due to further charges related to the Chinese commercial real estate sector, while the carrying value of its holding in China Bohai Bank was cut due to "subdued earnings and a challenging macroeconomic outlook".
Boss Noel Quinn is not in the most optimistic of moods either, in the past week sounding the alarm about the possible "tipping point" effect of rising government deficits on the global economy.
However, HSBC has not been shying away from China, far from it in fact, with the acquisition earlier this month of Citigroup's consumer wealth portfolio in the country, though the deal is not expected to close until next year.
The shares are up 13.5% in the year to date, though a week ago this was almost 25%.
(Data: Google Finance)