The FT’s main story reports that a “bumper earnings report” from chipmaker Nvidia has sparked a global stock market rally, with the company’s shares surging 15% in early trading, adding £205bn ($260bn) to its value in the process.

The bank said that approach was in line with guidance from the Royal Household and aimed at minimising the environmental and financial impact of the change.

The London business newspaper CITY AM leads on share plunges in Bytes Technology. Elsewhere the news that BT Tower has been bought and will be turned into a hotel makes the paper’s front page headlines. 

The London business newspaper CITY AM reports on the reaction to the UK recession by Bank of England’s Andrew Bailey. The paper claims Bailey has stuck his head in the sand over the recession news, and reports on the reaction from MPs and economists. 

The front page of the business newspaper Financial Times reports on Barclay’s pledge to return £10bn to shareholders over the next three years as part of an ambitious plan to boost revenues and rebalance the lender away from investment banking.

HSBC, Europe’s largest bank, saw a remarkable surge in its pre-tax profit, skyrocketing by nearly 80% to reach $30.3 billion (£24 billion) in 2023, driven by elevated interest rates.