HSBC hit by $400m UK fraud-related charge; Rachel Reeves ‘clashed with Scott Bessent’ over Iran war criticism – business live

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Here’s Chris Beauchamp, chief market analyst at investing and trading platform IG, on HSBC’s earnings:

“HSBC’s results always bring more of an international flavour than its UK peers. Unfortunately that means the Hormuz crisis looms large in the results, casting a shadow over an otherwise solid set of numbers.

The theme is grimly familiar to investors; were it not for the crisis, earnings outlooks would be much rosier. The warnings around the economic impact will only continue to grow the longer the situation remains unresolved.”