Economics

HSBC has confirmed it is planning to cut up to 25,000 jobs, including 8,000 posts in the UK, to target annual savings of up to $5bn (£3.3.bn).

Caspar Rock, head of Architas Multi-Managers

Sterling has pulled back against the dollar after a second estimate of Q1 UK GDP growth failed to produce the upwards revision expected by economists.

The government has pledged to keep the triple lock on state pension increases until 2020 and to leave pensioner benefits such as the winter fuel allowance untouched.

Bank shares were clear winners in the days following the Conservatives' shock election win, and fund managers predict they have further to run. Investment Week lists funds positioned for a further rally in bank shares.

Investec has reported profits in its asset management business grew 3.6% over the year to the end of March 2015, as its CEO said the wider group is "in the best position it has been since the mid-2000s".

The Office for National Statistics this morning revealed UK CPI inflation turned negative for the first time on record, but key industry figures suggest this deflationary spell will be temporary.

UK CPI inflation has turned negative for the first time on record, as the recent slump in the oil price continues to put deflationary pressures on the UK economy.

PIMCO's CIO Mihir Worah has labelled shorting UK RPI 'the carry trade of the decade', as he sees inflation in the UK remaining below current expectations.

Britain's foreign secretary Philip Hammond has echoed Bank of England Governor Mark Carney's calls for a 'fast' referendum on Britain's place in the EU.