News out earlier during the Asian session

A case of better the devil you know, after months of conjecture, as the banking giant decide to keep its HQ in London.

There had been plenty of talk about a move back to HK in the wake of tighter UK banking regulations and tax regime but the current scene in China has proved more scary.

In a statement, HSBC said that London had an "internationally respected regulatory framework and legal system" and added that it also was "home to a large pool of highly skilled, international talent".

It was therefore "ideally positioned to be the home base for a global financial institution such as HSBC".

Yep, that and a UK govt desperate to prevent any mass exodus from the City in a year that brings with it Brexit concerns too. In the last Budget, the Chancellor George Osborne introduced a gradual reduction in the bank levy on balance sheets - a move which particularly affected HSBC, because of its large balance sheet.The news though will please those who argue that banks/companies are not necessarily going to run out of the door should we leave the EU.

HSBC stressed that Asia remained "at the heart of the group's strategy" and that it was putting "particular emphasis on investing further in the Pearl River Delta and ASEAN region".

HSBC will report full-year results next Monday amidst a cost-cutting drive that I reported back in July. The news will have helped the pound at a time when it needs any good news it can get.

The BBC has more here.