FTSE 100 Modestly Higher Ahead Of Budget

U.K. stocks were seeing modest gains in cautious trade on Tuesday ahead of the budget announcement due on Wednesday.

Analysts expect the Autumn Budget to introduce key fiscal reforms, including tax changes and wage adjustments that could significantly impact the industry landscape.

The benchmark FTSE 100 was up 27 points, or 0.3 percent, at 8,312 after rising half a percent on Monday.

HSBC shares surged more than 4 percent after the Asia-focused bank reported stronger-than-expected third-quarter earnings and announced a hefty $3 billion buyback.

Energy giant BP Plc dropped 1 percent as it reported lower profit and cash flow from a year ago, weighed down by a drop in refining profits and weaker oil trading.