Shares in HSBC (HSBA.L), opens new tab rose as much as 3% to a new record high on Tuesday, briefly lifting the bank's market value above $300 billion and putting it neck-and-neck with AstraZeneca (AZN.L), opens new tab for the top spot in London's FTSE 100 index (.FTSE), opens new tab.
By 1050 GMT, HSBC shares rose 2.8% to 12.77 pounds, bringing gains so far this year to almost 9% and making it Tuesday's top gainer on the FTSE, which was up around 0.6%.
HSBC (HSBA.L), opens new tab, NatWest (NWG.L), opens new tab and other major British banks are set to follow their European counterparts in raising profit targets when they report earnings in the coming weeks, people close to the matter told Reuters.
The FTSE 350 (.FTNMX301010), opens new tab banking index has risen 6% this year, outpacing euro zone peers (.SX7E), opens new tab, which are up 4.2%.
