Tuesday’s headlines are likely to be dominated by HSBC (LON:HSBA) boss Stuart Gulliver who is reportedly set to announce thousands of job cuts.
In an update to investors, tomorrow, Gulliver is due to unveil more than 10,000 job will be axed by the company.
The Asia-focused bank could also announce details on whether or not it will leave the UK in response to hikes in UK taxes.
Last year, HSBC was hit by the bank levy to the tune of £720mln and in April, chairman Douglas Flint said the company was launching a review into “where the best place is for HSBC to be headquartered in this new environment”.
Chief executive Gulliver said last month that the criteria the bank would use to decide whether to move the bank’s headquarters out of the UK would be published alongside his latest strategy for the bank.
He will also update investors on how the bank will deal with testing operations in Brazil, Mexico and Turkey, with some believed to be up for sale.
The update comes a day ahead of George Osborne's Mansion House speech, amid speculation that the Chancellor will look to review the bank levy.
Away from equities, the U.S. Energy Information Administration is kicking off an important three days for oil with the scheduled release of its monthly short-term energy outlook.
OPEC will issue its oil report Wednesday and the International Energy Agency‘s report comes out Thursday.
Significant announcements expected on Tuesday
Final: CML Microsystems (LON:CML), Custodian Reit (LON:CREI), Iomart Group (LON:IOM), Oxford Instruments (LON:OXIG), Picton Property Income (LON:PCTN)
Interim: OMG (LON:OMG)
Economic: UK – Trade figures, Inflation report hearings; EU – Gross domestic product. Asia – Chinese producer prices, Chinese consumer prices