It’s a bad start to the Christmas week for Standard Chartered, which has been hit with a record fine for failings in its regulatory disclosures.
The Prudential Regulatory Authority (PRA) has fined the bank £46.55m for reporting errors relating to its US liquidity position.
The financial watchdog said StanChart failed to promptly report one of the errors and then was uncooperative during the process.
5 things to start your day
1) ‘Brexodus’ fears prove unfounded as bankers fail to take flight to EU London likely to remain Europe’s financial hub as banks begin to look beyond Brexit
2) Investment bankers who hired George Osborne split £30m pandemic profits Robey Warshaw dealmakers score big in Covid year, but ex-Chancellor joined too late for a cut of the profits
3) Former Tesco boss to lead £40bn consumer arm spun-out of GSK Sir Dave Lewis to be appointed non-executive chairman of business behind Panadol painkillers
4) Household savings to balloon as cost of living crisis bites Rampant inflation and omicron threat will push people to curb 2022 spending, survey finds
5) Another lockdown ‘very tough to survive’, warns Vue boss Tim Richards open to floating his cinema chain – if it can get through another winter of Covid
What happened overnight
Asian stock markets followed Wall Street lower on Monday amid concern about the coronavirus’s latest variant and tighter Federal Reserve policy.
Shanghai, Tokyo, Hong Kong and Sydney retreated at the start of a trading week that ends with many closing early for Christmas.
The Shanghai Composite Index fell 0.8pc to 3,605.21 and the Nikkei 225 in Tokyo tumbled 2.1pc to 27,942.84. The Hang Seng in Hong Kong sank 1.5pc to 22,837.64.
Coming up today
Corporate: Scottish Investment Trust (Full-year results); Nike (Interim results)
Economics: Rightmove house price index (UK); interest rate decision (China); CBI Monthly Industrial Trends Survey (UK)