Wednesday,30 November 2022 17:04:59

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Wednesday,30 November 2022 at 17:07

HSBC said it will close about a quarter of its branches across the UK from next April.

It comes as the bank tries to satisfy investors claiming its western operations are dragging down profitability from its Asian business.

The 157-year old lender said it will shut 114 branches, arguing that some are serving fewer than 250 customers a week as people shift to online banking.

UK & European markets closed higher to finish a strong month, as regional investors reacted to the latest inflation data from the euro zone in November.

U.S. stocks edged higher before giving up gains, continuing a sluggish start to the week as investors digested new economic data and awaited comments from Federal Reserve Chair Jerome Powell.

Oil prices rose by more than $2 on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery.

Gold prices pared gains due to an uptick in the U.S. bond yields.

Markets

At the close

FTSE 100 7,573 +0.81%

FTSE 250 19,163 (-0.12%)

DAX 14,397 +0.29%

At 17:15

Dow Jones 33,702 (-0.44%)

S&P 500 3,955 (-0.04%)

NASDAQ 11,026 +0.38%

Fixed Income

UK 10-YR YIELD 3.161

Exchange Rates

GBP/USD 1.195

GBP/EUR 1.158

Commodities

Gold $1,751 +0.19%

Brent $86.60 +1.98%

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.