Daily brief
HSBC is considering cutting around 20,000 jobs as part of a multiyear, AI-driven overhaul of its operations, according to reports. The potential job cuts would be part of a significant restructuring effort fueled by artificial intelligence technology. The bank's review is ongoing and no final decisions have been made.
BP has sold its Gelsenkirchen refinery in Germany to US billionaire Gary Klesch's investment group. Separately, Shell has halted production at its Pearl gas-to-liquids plant in Qatar following an attack attributed to Iran.
The Bank of England held interest rates steady and warned that the conflict involving Iran is jolting the inflation outlook, hinting at potential future increases.
The UK government announced new import tariffs to protect its domestic steel industry and set targets to boost domestic production.
UK gas prices surged by 140 percent, reaching their highest level since 2023.