New weather service pioneered by Met Office and HSBC
Investors were given a much-needed boost today, with news that the Met Office has set up a new programme to help fund managers.In a new deal with HSBC, the metrological service will give the investment experts detailed breakdowns on weather and climate change trends.It is hoped that this will allow the fund managers to make better decisions on what stocks to pick in order to make their clients more money.Unveiling the programme Samir Assaf, head of global markets at HSBC Global Banking and Markets, commented: "Companies are realising that they have to adapt to meet the challenges of climate change. In their investment decisions, fund managers base selection on the best research available."Chairman of the Met Office, Robert Napier, added: "Through the use of our expert research and advice, fund managers will be able to better manage their risks and adapt portfolios to meet the challenges of our changing climate."Over the past week, London's FTSE 100 index has dropped by 21 per cent, as investors panic-sell over fears of banks' instability, the frozen credit markets and the prospect of a global recession.
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