The FTSE 100 in the UK reached a record peak on Tuesday, driven by a surge in HSBC’s shares following the bank’s upward revision of its income forecast, as investors prepared for a series of significant events scheduled for later in the week. HSBC opens new tab rose 3.1% after the lending giant boosted its income outlook and promised to shift into growth mode with its takeover of Hang Seng Bank in Hong Kong, despite a huge drop in third-quarter profit due to $1.4 billion in legal charges.

The blue-chip focused FTSE 100 rose 0.3% to reach an all-time high of 9,677.87 points as of 1221. The UK’s mid-cap FTSE 250 index was down 0.4%. Global equities softened following their recent upswing, as optimism surrounding a US-China trade agreement continued to bolster risk appetite. Investors are currently focused on forthcoming earnings reports from major technology firms, alongside anticipated rate decisions from key central banks, notably the Federal Reserve and the European Central Bank.

Recent data indicates that UK retailers reduced their prices in October, driven by the most significant decline in food prices in nearly five years, providing assistance to households as well as the Bank of England and the government. Finance Minister Rachel Reeves has stated her intention to utilize her budget to reduce the cost of living.
“There have been signs that the UK economy is looking brighter, but until the Chancellor opens her box next month, many businesses and investors will be keeping their fingers on the pause button,” said Danni Hewson.

Among other stocks, Airtel Africa rose 7.8% to a record high after the telecoms company reported a rise in half-year revenue and declared an interim dividend. Spirax Group opens new tab rose 3.5% after UBS upgraded the valve maker’s stock to “buy” from “neutral” while raising its target price to 10,500 pence from 7,500 pence.