One of Credit Suisse's longest-standing shareholders sold its entire stake in the bank after about two decades of ownership and piling further pressure on the troubled Swiss lender’s leadership.

Harris Associates was the biggest shareholder in Credit Suisse for many years, and halved its 10pc holding toward the end of 2022 to 5pc. 

The stock sank to a record low last week, sliding in the wake of last month’s financial results that showed a larger-than-expected loss following record outflows. 

Harris Associates exited the investment over the past three to four months, chief investment officer David Herro told the Financial Times.

He said: "There is a question about the future of the franchise. There have been large outflows from wealth management."

Credit Suisse has been escalating efforts to win back clients and stem an exodus of senior staff that has dealt a blow to its wealth business, which it sees as key to its revival. 

Customers withdrew an unprecedented 110.5bn Swiss francs (£98.2bn) in the final three months of last year.

BP's shifting targets on emissions are said to be a result of concerns held by chief executive Bernard Looney.

He is said to have reservations about the returns from its investments in renewables such as wind and solar, which have been at the heart of his plans to recast the business as a green champion.

He now wants to narrow the company's focus and persuade shareholders that it is committed to maximising profits, according to the Wall Street Journal, as concerns about energy security prompt renewed political support for oil and gas projects.

The FTSE 100 oil and gas producer made $8.4bn (£6.9bn) in profits between April and June, its highest in nearly 14 years as the crisis in Ukraine sent fuel and energy costs rocketing amid a global shortage of supplies. 

It reported a profit of $2.3bn in the same period of 2021.

BP's green strategy "has not changed at all," its US boss has insisted, despite cutting its green targets amid surging oil and gas prices following the war in Ukraine.

The energy giant will invest up to $8bn more in oil and gas and energy transition business, meaning its emissions will fall more slowly. It has cut its target to reduce emissions from 40pc to around 25pc from 2030.

However, BP America chair Dave Lawler told the Financial Times this was "just an adjustment for where the world is right now".

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What happened overnight 

Shares were mostly higher in Asia after strong data on the US economy sent Wall Street to its best close in six weeks.

Hong Kong's Hang Seng index rose 0.4pc to 20,642.89 and the Shanghai Composite index lost 0.3pc to 3,318.56.

At the annual session of China's rubberstamp legislature, the government set this year’s economic growth target at "around 5pc" as it tries to rebuild business activity following the end of anti-virus controls that kept millions of people at home.

Chinese leader Xi Jinping has said the priority is an economic revival based on consumer spending after growth sank to 3pc last year, its second-lowest level since at least the 1970s. Officials who briefed media Monday about economic planning did not provide fresh or specific policy initiatives to attain that goal.

Japan's markets closed higher, tracking Wall Street rallies that were helped partly by a slide in Treasury bond yields.

The benchmark Nikkei 225 index gained 1.1pc to end at 28,237.78, while the broader Topix index climbed 0.8pc to 2,036.49.

On Friday, the S&P 500 rose 1.6pc to cap its first winning week in the last four as relaxing yields in the bond market took some pressure off Wall Street. It’s found some stability following a swift rise and fall to start the year.

The Dow Jones Industrial Average climbed 387 points, or 1.2pc, while the Nasdaq composite jumped 2pc.

Markets have been fluctuating amid uncertainty over where inflation is heading and what the Federal Reserve will do about it.