HSBC restarts dividend against bank split attempt – live updates

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Ggood morning.

HSBC has vowed to resume its quarterly dividend as it resists calls from its largest shareholder for a bank split.

The London-based lender said it has held talks with Ping An, the Chinese insurance giant that is urging HSBC to divest its Asian operations and include them in Asia.

However, it insisted that such a move would be of little value to shareholders.

Meanwhile, HSBC raised its profitability target and said it will start paying a quarterly dividend from early 2023 as it looks set to chase investors.

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5 things to start your day with

1) British motorists second to Finland in high fuel prices Prices are at least 20 cents a liter cheaper in the four major economies of the eurozone, Germany, France, Italy and Spain.

2) Zelensky warns of catastrophic 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 seed giant and hampered production.

3) Markets bet interest rates will double by the end of 2022 Threadneedle Street officials are expected to vote Thursday for a rare 0.5 percentage point rate hike.

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4) Murdoch battle for viewers with GB News leads to bidding war GB News and TalkTV are vying for a channel seat on Virgin Media that would help their struggle to attract viewers.

5) Icelandic freezers leave supermarket with rising energy bill Continued increases in energy costs over the course of this year will have a “more permanent impact” on deep-frozen profits.

What happened overnight?

Hong Kong stocks opened with more losses this morning. The Hang Seng index fell 0.6 percent.

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The Shanghai Composite Index fell 0.2 percent, while the Shenzhen Composite Index lost 0.1 percent on China’s second exchange.

Tokyo shares rose in early trading, with the benchmark Nikkei 225 index 0.05 pc. at the opening, the broader Topix index rose 0.1 pc.

coming today

For Business: Ascential, HSBC, Pearson, RHI Magnesita NV, Spectris, XP Power (interim results); Cranswick (trade update)

Economy:Manufacturing PMI (UK, US, EU), Unemployment Rate (EU), Retail (D)

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