3rd Dec 2025 06:57
(Alliance News) - Stocks in London are set to open marginally higher on Wednesday, after HSBC Holdings PLC promoted its interim chair to the permanent position after a long search process.
IG says futures indicate the FTSE 100 to open up 3.3 points at 9,705.10 on Wednesday. The index of London large-caps closed down just 0.73 of a point at 9,701.80 on Tuesday.
Sterling was at USD1.3238 on Wednesday morning, up from USD1.3195 at the London equities close on Tuesday. The euro was higher at USD1.1642 from USD1.1607. Against the yen, the dollar was lower at JPY155.60 versus JPY155.76.
Brendan Nelson has been appointed group chair of HSBC, the banking firm said.
Nelson, who previously worked at KPMG and has also served on the boards of BP PLC and the Royal Bank of Scotland, joined HSBC's board in 2023 and has been acting as interim chair since October this year.
The bank said Nelson had been appointed following "a robust process that considered both internal and external candidates".
Previous chair Mark Tucker stepped down at the end of September to take up the same post at Hong Kong-based insurer AIA Group Ltd.
It was announced in May that Tucker would retire by the end of 2025, ending an eight-year tenure at the helm of the bank's board.
HSBC senior independent director Ann Godbehere said: "On behalf of the board, I am delighted with Brendan's appointment as our group chair.
"Since assuming the role of interim group chair, Brendan has demonstrated his excellent leadership capabilities backed by his strong banking and governing credentials."
Meanwhile, the Kremlin said "no compromise" has been reached yet on the key question territory in Ukraine, after hours-long talks with US envoy Steve Witkoff and President Trump's son-in-law Jared Kushner.
"So far we haven't found a compromise, but some American solutions can be discussed," top Kremlin aide Yuri Ushakov said in answer to a journalist's question about occupied Ukrainian territories. "Some proposed formulations do not fit us, and work will continue," he added.
US President Donald Trump hinted that he wants to nominate his chief economic adviser Kevin Hassett to replace outgoing Federal Reserve Chair Jerome Powell next year.
Introducing guests at a White House event attended by Hassett, Trump said: "It's a great group, and I guess a potential Fed chair is here too." He added: "I don't know, are we allowed to say that, potential? He's a respected person that I can tell you. Thank you, Kevin."
In the US on Tuesday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.4%, while the S&P 500 climbed 0.3% and the Nasdaq Composite gained 0.6%.
The yield on the 10-year US Treasury narrowed to 4.08% on Wednesday morning from 4.10% at Tuesday's close. The yield on the 30-year was at 4.74%, slightly slimmed from 4.75%.
In Asia on Wednesday, the Nikkei 225 in Tokyo was up 1.1%. In China, the Shanghai Composite was 0.5% lower, while the Hang Seng Index in Hong Kong fell 1.3%. The S&P/ASX 200 in Sydney gained 0.2%.
Gold was up at USD4,209.10 an ounce early on Wednesday from USD4,174.00 late Tuesday. Brent oil was trading lower at USD62.58 a barrel from USD62.81.
Wednesday's UK corporate calendar has full-year results from lender Paragon Banking Group while mining group Glencore hosts a capital markets day.
Wednesday's economic calendar has a slew of composite PMI readings, along with ISM services figures and payroll data from ADP in the US.
By Michael Hennessey, Alliance News reporter
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