HSBC profits surge 32%, sparking fresh calls for bank taxes in the budget – business live

Rolling coverage of the latest economic and financial news

• UK shop price inflation ‘highest since 2024’ as retailers struggle to limit price rises

The 6% drop in HSBC’s share price this morning has made rather a dent in the FTSE 100 share index.

The ‘Footsie’ is down 108 points, or 1%, at 10,659 points.

“You don’t usually get fireworks from HSBC results, and these are no exception. There are signs of some improvement overall, and a boost to the buyback is welcome, but it’s clear why the market wasn’t really inspired by these numbers.

HSBC seems to be doing ok, but ok doesn’t really cut it in a world where inflation is back on the menu and growth may start to slow. At least it’s not exactly rolling in profits this time around, providing some useful air cover ahead of a UK budget that will may include another raid on banks.”