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

HSBC reports unexpected 4% pre-tax profit drop
HSBC reported an unexpected 4% drop in pre-tax profit due to higher costs.
The high street bank missed analyst’s estimates reporting £3.5bn revenue — a drop from this time last year which saw it report £3.6bn.
The banking giant also announced plans to initiate a new share buyback of up to $2 billion.
The results are the first announced since John Flint took over as chief executive with the aim of cleaning up HSBC’s imag