Recession fears are still present this morning, weighing on oil majors and miners due to fear over demand. Glencore and BP fell 2%, while Shell declined 1%. The blue-chip index was down 0.1% at 9 am.

Financial are in the news, as Credit Suisse posted its results today, which showed that £55.2 billion of assets left the bank in the first quarter.

Meanwhile, HSBC fell 0.5% lower after shareholder ISS recommended that investors should vote against largest shareholder Ping An’s proposal to split HSBC's Asian business.

In other news, EY Parthenon revealed that UK-listed companies issued 75 profit warnings in the first quarter, the highest Q1 figure since the start of the Covid pandemic in 2020.

 

Things to read today:

ECB to keep raising interest rates unless wage growth slows, says official (Financial Times)

New Wall Street ‘fear gauge’ to track short-term market swings (Financial Times)

Individual Investors Are Still Hungry for Stocks—While Shunning Risk (WSJ)