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After HSBC announced a $3 billion buyback and reported a better-than-expected third-quarter profit, the UK's FTSE 100 index initially climbed on Tuesday, driven byfinancial firms. However, losses in industrial metal miners prevented further advances. The banking industry increased 2.2% as a result of HSBC, HSBC shares on the London Stock Exchange rose as much as 3.9%, the highest level since July 2018. HSBC's shares are leading the FTSE 100 index. HSBC reported a 10% increase in third-quarter profit, exceeding analyst expectations, and announced an additional share buyback of up to $3 billion, on top of a $6 billion buyback programme announced earlier this year. sector competitors Standard Chartered and Prudential also saw increases. However, as base metals moved in a narrow range, industrial metal miners saw a 0.6% decrease, and the oil and gas industry saw a 0.2% decline as BP's shares fell. Shares in BP decline 3.6% to 384.95p, the second-biggest loser on the FTSE blue-chip index, which is down 0.3%. The oil major reports a 30% drop in Q3 profit to $2.3 billion, the lowest in almost four years, due to weaker refining margins and oil trading results. Net debt rises to $24.3 billion as of the end of September, up from $22.6 billion at the end of June. CEO Murray Auchincloss says BP will focus on value, not volume, for its operations, stating that chasing volume in the past has been a mistake. The stock is down around 17% so far this year.

As investor attitudes turned cautious ahead of tomorrow's UK budget, the FTSE 100 gave back early gains to trade down more than 0.95%. Prices in British shops declined at the quickest rate in over three years this month, but the upcoming budget announcement by Finance Minister Rachel Reeves could help drive a return of inflation. Reeves is set to present the new government's budget on Oct. 30, where she will outline her initial tax and spending plans, which must address a challenging fiscal situation without significantly raising taxes on workers.

Technical & Trade View

FTSE Bias: Bullish Above Bearish below 8225

• Primary support 8100
• Primary objective 8600
• Daily VWAP Bearish
• Weekly VWAP Bearish

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