HSBC’s global banking and markets business stormed back to form in Europe in the first three months of the year, as the impact of the European Central Bank’s interventions in the sovereign bond markets boosted trading conditions.

HSBC today reported first-quarter, pre-tax profits in GBM of $951m in Europe. The region had been the only one to post a loss from that business in the fourth quarter as HSBC posted GBM profits in Hong Kong and the rest of Asia Pacific, the Middle East and north Africa, North America and Latin America.