HSBC has chosen an outsider as its chairman for the first time in its roughly century-and-a-half history, and investors seem pleased to hear it.
Hong Kong-listed shares in the Asia-focused international bank are up 2.3 per cent after the bank formally announced the appointment of Mark Tucker to succeed Douglas Flint as the group’s new chairman. Mr Tucker’s departure from AIA hit stock in the Asian insurer, which is down 2.8 per cent in the afternoon session.
More broadly in Asia Pacific equities, Sydney’s S&P/ASX 200 index is off 0.3 per cent, Tokyo’s Topix is up 0.2 per cent and in Hong Kong the Hang Seng index is up 1.3 per cent.
Futures tip the FTSE 100 to open flat in London, while the S&P 500 is expected to begin trading in New York down 0.1 per cent.
In the UK, Theresa May is on the brink of formally launching Britain’s departure from the EU as rebel Tory MPs admit they are unlikely to have the numbers to block the prime minister in the House of Commons on Monday.
Corporate earnings reports out today include Innogy and Helvetia.
The economic calendar for Monday is easing into a busy week (all times London):
- 09.00: Italy industrial production
- 11.00: Riksbank deputy governor Kerstin af Jochnick speaks
- 11.30: Nato secretary general Jens Stoltenberg speaks
- 12:00: Hungary’s parliament elects new president
- 13.30: ECB president Mario Draghi speaks