Economic news

FTSE 100 Muted as HSBC Earnings Disappoint

  • FTSE 100 flat, FTSE 250 up 0.2%

Oct 25 (Reuters) - UK's FTSE 100 was subdued at the open on Tuesday after a burst of optimism following Rishi Sunak's victory in the race to become the new prime minister, while HSBC slipped, dragged by a sharp drop in quarterly profit.

Shares of Europe's largest bank fell 4.0% after it reported a 42% slump in third quarter profit and named Georges Elhedery, a former head of its investment bank, as its new chief financial officer.

UK's banking index slipped 2.1%.

Overall, the blue-chip FTSE 100 was flat after closing at its strongest level in over two weeks on Monday, while the domestically oriented FTSE 250 added 0.2%.

Sunak will be appointed prime minister by King Charles on Tuesday, replacing Liz Truss, who lasted six weeks in the job after her economic programme sparked panic in financial markets.

Online retail platform THG jumped 17.2% after it reiterated full-year forecast, and said it has made a positive start to the fourth quarter. 

Reporting by Johann M Cherian in Bengaluru; Editing by Dhanya Ann Thoppil

Source: Reuters

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