FTSE 100 LIVE: FTSE to tumble as HSBC profits plummet by staggering 35 percent

FTSE 100 LIVE: FTSE to tumble as HSBC profits plummet by staggering 35 percent

October 27, 2020

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HSBC reported that third-quarter profits were down by 35 percent as the coronavirus pandemic continues to batter the economy. The bank’s revenues were also down 11 percent to $11.9bn, with $3.2bn coming from its business in Asia. HSBC has not yet said if its plan to accelerate its restructuring will mean more jobs will go. The bank says it will provide a detailed plan with its full-year results in February next year.

Meanwhile,  Rolls-Royce Holdings Plc plans to temporarily close factories, reduce working hours and cut benefits as part of new cost-cutting measures, the Financial Times reported on Monday.

Gold prices rose after a fresh wave of coronavirus infections raised concerns over a global economic recovery and bolstered the precious metal’s safe-haven appeal.

In other news oil prices eked out small gains after recent sharp losses, but sentiment remained subdued as a surge in global coronavirus cases hit prospects for crude demand while supply is rising.

The UK blue-chip index closed 1.2 percent lower on Monday weighed by travel and energy stocks, while a resurgence in novel coronavirus cases stoked fears of a faltering economic recovery and dragged down European markets.

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