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Thursday,22 September 2022 at 15:50

The asset management business of HSBC has set out plans to cut investments in thermal coal, months after one of its former top executives caused a furore with his comments about climate change. 

The investment division of the FTSE 100 bank gave a timetable for removing companies that make money from the polluting fuel from its actively managed holdings by 2040. 

Its active fund managers will also immediately stop investing in new bonds or the stock market flotations of companies that are expanding their thermal coal operations.

UK and European stocks traded lower as investors digested news from the U.S. Federal Reserve.

Oil rebounded on after sliding 1% in the previous session as concerns over tight supplies heading into winter eclipsed fears of a global recession.

Gold prices fell 1% as the U.S. dollar rallied and the Federal Reserve flagged more large rate hikes, diminishing the zero-yielding metal’s appeal.

At the close
FTSE 100 7,159 (-1.08%)
FTSE 250 18,332 (-2.05%)
DAX 12,539 (-1.78%)
At 16:40
Dow Jones 30,095 (-0.27%)
S&P 500 3,763 (-0.73%)
NASDAQ 11,063 (-1.39%)
Fixed Income
UK 10-YR YIELD 3.501
Exchange Rates
GBP/USD 1.127
GBP/EUR 1.146
Gold 1,671 (-0.14%)
Brent 90.48 +0.62
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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