HSBC, Sky, House of Fraser: Everything that matters this morning

HSBC reports unexpected 4% drop in pre-tax profits
HSBC reported an unexpected 4% drop in pre-tax profits today despite announcing a £1.5bn buyback.
The high street bank missed analyst’s estimates after reporting a £3.5bn pre-tax profit — a drop from its £3.6bn result this time last year.
The results are the first announced since John Flint took over as chief executive with the aim of cleaning up HSBC’s image after a series of scandals.
Flint says: ”Our