Another day, another bank needing extra funding. Today HSBC announced they are looking to raise £12.5bn from shareholders through rights issue in the UK.
This was announced after HSBC revealed pre tax profits for 2008 of £6.5bn. Unfortunately for the London stock market this was down 62% on the previous year. HSBC are looking at reducing their presence in North America after they recorded a $15.5bn loss, mainly due to the US sub-prime market.
Just when everyone thought HSBC had finished they announced 6,100 job cuts in America as well.
The European Monetary Union announced an improvement in the Consumer Price Index from 1.1% up to 1.2%. The earlier consensus was a slight drop between 0.9%-1.0% so an early rally for the Euro this morning against Sterling.
Both the Bank of England and the European Central Bank are predicted to lower their rates to 0.5% and 1.5% respectively.
If you are looking at sending money overseas in the near future and need some guidance, speak to one of our brokers today on 0800 043 2623. They will be able explain how it works and how we could potentially save you up to 4% against most high street banks.
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