Spreadex Market Update
Asian shares continue to climb
Bank of England chief Mervyn King is set to give his final quarterly inflation report today before handing the reins to Mark Carney. After repeatedly having to cut its growth outlook and lift its inflation forecasts since the financial crisis, King will be glad to sign off as the bearer of good news with expectations that he will announce a revised 3% inflation figure (down from 3.2%).
David Cameron has faced questions regarding Britain’s role within the EU after bowing to pressure from inside his Conservative party to bring forward draft legislation enforcing a referendum on Britain's European Union membership. This comes a matter of hours after Obama warned cautioned against rushing towards the EU exit.
Europe’s largest bank, HSBC, will target between 2-3 billion dollars additional cost savings as CEO Gulliver continues with his plan to increase profitability. Gulliver, 54, has announced the sale or closing of 52 businesses to revive earnings and 46,000 job cuts to eliminate $4 billion of annual costs since taking his job in 2011, beating his initial target set that year.
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