LONDON, Dec 14 (Reuters) – HSBC (HSBA.L) will stop funding new oil and gas fields and expect more information from energy clients over their plans to cut carbon emissions, the banking giant said on Wednesday, as part of a wider update of its sector policy.
Activist groups that have been critical of HSBC in recent years mostly hailed the move by one of the biggest lenders to energy companies in the world as a keenly awaited update that will drive companies towards a cleaner future.
Full coverage: REUTERS
U.S. Lawmakers Introduce Bill To Restrict Huawei’s Access To Banks
Dec 14 (Reuters) – U.S. lawmakers have introduced a bipartisan bill to sanction Chinese tech company Huawei Technologies Ltd and Chinese 5G companies, restricting them from accessing U.S. banks.
The bill, introduced by Republican senator Tom Cotton and backed by lawmakers such as Senate Majority Leader Chuck Schumer, a Democrat, seeks to “severely sanction” Huawei, and other “untrustworthy” Chinese 5G producers who they say engage in economic espionage against the U.S.
Full coverage: REUTERS
Oil Stable Between Rising Stocks, Forecasts Of 2023 Demand Uptick
LONDON, Dec 14 (Reuters) – Oil prices were broadly stable on Wednesday as bearish signals from data indicating a surprise build in U.S. crude inventories met forecasts of oil demand rebounding over 2023 from OPEC and the International Energy Agency (IEA).
Brent crude futures dropped 17 cents, or 0.2%, to $80.51 per barrel by 0926 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 3 cents to $75.36.
U.S. crude inventories rose 7.8 million barrels in the week to Dec. 9, according to market sources citing data from the American Petroleum Institute, while analysts polled by Reuters had expected a 3.6 million barrel drop.
Full coverage: REUTERS
Inditex Profit Jumps As Zara Owner Lifts Prices
MADRID, Dec 14 (Reuters) – Zara owner Inditex (ITX.MC) posted a 24% increase in net profit for the first nine months of its fiscal year, as price rises helped offset weakening global demand for clothing.
The world’s biggest fashion retailer’s store and online sales rose 19% from a year ago, slightly faster than analysts had expected. Price rises of 5% or more across some ranges since the spring helped drive sales, analysts said.
Full coverage: REUTERS
Morning Bid: Messi
A look at the day ahead in European and global markets from Tom Westbrook.
A vintage performance from skipper Lionel Messi took the World Cup semi away from Croatia and booked Argentina a place in the final.
In markets, it’s now Federal Reserve Chair Jerome Powell who can take the game away from stocks that seem to be itching to rally into the end of a challenging year.
Wall Street traders did their best last night to jam the cork back in the champagne after an encouraging U.S. inflation print, pulling back larger gains to leave the S&P 500 up 0.7%, in the hope of postponing celebrations until after the Fed.
Full coverage: REUTERS
