HSBC has pledged to continue its quarterly dividend as it fights back against calls by its biggest shareholder for the bank to be broken up. The London-based lender said it is in talks with Ping An, the Chinese insurance giant that is pushing HSBC to spin off its Asian business and bring it into Asia. But he insisted such a move would have little value for shareholders. Meanwhile, HSBC raised its profit target and said it would start paying a quarterly dividend from early 2023 as it tries to attract investors.
5 things to start your day
- British motorists second only to Finland in high fuel prices Prices are at least 20p per liter cheaper in the big four eurozone economies Germany, France, Italy and Spain.
- Zelensky warns of disastrous harvest in Ukraine as world faces food crisis The blockade of Ukrainian ports by Vladimir Putin’s war machine has cut off the wheat, corn and sunflower giant and hampered production.
- Market betting rates to double by end of 2022 Officials on Threadneedle Street are expected to vote in favor of a rare rate hike of 0.5 percentage points on Thursday.
- Murdoch’s battle for viewers with GB News sparks bidding war GB News and TalkTV are competing to secure a channel slot on Virgin Media that would help their fight to attract viewers.
- Iceland freezers leave supermarket with rising energy bills Continued increases in energy costs this year will have a “more permanent impact” on the frozen food chain’s profits.
What happened in the night
Hong Kong stocks opened this morning with more losses. The Hang Seng fell 0.6%. The Shanghai Composite Index fell 0.2 percent while the Shenzhen Index on China’s second exchange shed 0.1 percent. Tokyo shares rose in early trade, with the Nikkei 225 adding 0.05% at the open and the broader Topix climbing 0.1%.
It’s coming today
Corporate: Ascential, HSBC, Pearson, RHI Magnesita NV, Spectris, XP Power (interim results). Cranswick (transaction update) Economic: Manufacturing PMI (UK, US, EU), Unemployment Rate (EU), Retail Sales (Germany)
