HSBC says Iran war is hitting confidence as businesses warn over economic risks

Oil-driven inflation is big challenge to world economy, lifting inflation and depressing growth, says bank’s chair

• Business live – latest updates

HSBC bosses have said the Iran war is already hitting global economic confidence, as a string of business leaders warned over the impact of the conflict.

Georges Elhedery, the Lebanon-born chief executive of the bank, told Bloomberg Television at a HSBC conference in Hong Kong: “We’re saddened and concerned with what’s happening in the Middle East, and we’re concerned not just with what’s happening but also with how long this will take.