HSBC put volume heavy and directionally bearish

Bearish flow noted in HSBC with 3,834 puts trading, or 6x expected. Most active are 2/24 weekly 34 puts and Mar-23 40 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 5.16, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 21st.