Shares in HSBC experienced a notable increase, climbing as much as 3% to reach a new record high on Tuesday. This surge briefly elevated the bank’s market value above $300 billion, positioning it alongside AstraZeneca for the leading position in London’s FTSE 100 index.

By 10:50 GMT, HSBC shares had risen by 2.8% to £12.77, contributing to a nearly 9% gain so far this year. This performance made HSBC the top gainer on the FTSE for the day, which itself saw an overall increase of approximately 0.6%.

HSBC, along with NatWest and other major British banks, is anticipated to follow in the footsteps of their European counterparts by raising profit targets when they report earnings in the coming weeks, according to sources familiar with the matter.

The FTSE 350 banking index has shown a 6% increase this year, outperforming its euro zone counterparts, which have risen by 4.2%.