Business news live: FTSE 100 reaction to HSBC and GSK latest profits and Nationwide launch benefits helpline

Discussing those HSBC results, Nick Sherrard, managing director at Label Sessions, explained how the bank’s global approach – it operates heavily in Asia – has impacted both on strategy and profitability.

“HSBC has missed expectations against a volatile global economic backdrop. But there are a range of other factors at play in today’s results,” he said.

“HSBC is a business in streamlining mode and that thought seems to be organising the way it thinks about geographic focus and working alike – the bank is telling senior people to get back into the office in the UK, while pulling out of Australian retail banking, for example. That makes a lot of sense for a business that has become very complex.

“Simplicity and focus will be key to unlocking the opportunities in the near term. HSBC can offer corporations and entrepreneurs in the market for global solutions something special because the bank can leverage scale – and few peers can go head-to-head with HSBC on that basis.”

HSBC has reported its latest earnings for the second quarter of the year, with profits at $6.3bn (£4.7bn) – a drop of 29 per cent year on year.

Despite that fall, the bank has launched a $3bn buyback scheme for its own shares, along with declaring an interim dividend matching last quarter’s payout, of 10 cents per share.

HSBC also cautioned that the global outlook could impact profitability going forward.

It may be easier said than done, but the process of improving your financial standing over time can really be summarised in two steps:

First, spend less than you earn. And second, put the excess earnings to good use.

The first step is a matter of budgeting, and your options are simple: cut costs or increase income. At step two, your options become diverse and complex, and your choices can lead to very different outcomes over the long term.

Is it better to overpay your mortgage or invest the money? Becky Wilding takes a look for Independent Money:

Yesterday saw shares in Barclays rise almost 2.5 per cent and AstraZeneca almost 3.5 per cent after reporting strong profits for the half-year so far.

Greggs, however, fell more than five per cent after confirming a disappointing period – and confirming they’d open more stores this year.

Today it’s the turn of more high-profile names to present their latest reports and we’ll get you a rundown from each in the next hour or two.

Mining firm Rio Tinto, Asia-focused bank HSBC, pharma firm GSK and renewable energy firm UK Greencoat Wind are all on the agenda.

Here are the earlier headlines for you from yesterday to catch up on:

Good morning and welcome to our live blog coverage of all the UK’s business and companies news, where we’ll also bring you stock market movements and everything else regarding your money.

Today we start with more high-profile FTSE 100 firms reporting their latest earnings, with US behemoths Microsoft and Meta doing the same tonight.