London Markets: FTSE 100 climbs as HSBC beats profit, shares soar

The U.K.’s main stock index was off to a strong start to the week thanks to solid gains for heavyweight HSBC Holdings PLC HSBA, +4.68% after the banking giant posted forecast-beating results.

Meanwhile, investors were looking ahead to the U.K. budget, due to be delivered by Chancellor Philip Hammond toward the end of the trading day.

How markets are performing

The FTSE 100 UKX, +1.53% rose 0.8% to 6,994.45, after dropping 0.9% on Friday on back of a wave of global equity selling. The index slid 2.2% last week, and was poised for 7% drop for October, its worth monthly decline since January 2016.

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