HSBC Sells $25 Billion Mortgage Book Amid Global Restructuring Efforts

HSBC has agreed to sell its $25.3 billion Australian mortgage book to Blackstone as part of its global restructuring under chief executive Georges Elhedery.

The deal is a significant step in HSBC's efforts to simplify its business and reduce its debt burden.

Separately, BP is cutting 700 non-frontline jobs as it seeks to boost returns and improve efficiency.

In a surprise move, the Bank of England has held UK interest rates at 3.75 per cent, citing uncertainty over the impact of the US-Iran conflict on energy markets.