HSBC rises on upbeat outlook
BP gains after increasing dividend
Weir Group shines after lifting guidance
Fresnillo drops as halfyear profit falls
July PMI data awaited

Aug 1 Reuters UK39;s FTSE 100 reversed gains on Tuesday as losses in mining firms outpaced upbeat earnings by HSBC, Weir Group and Diageo, while BP39;s shares edged higher after the company raised its dividend.

The bluechip FTSE 100 was last down 0.1, after rising 0.2 earlier in the session, while the more domesticallyfocussed FTSE 250 midcap index fell 0.4.

HSBC added 2.4, touching a fouryear high after Europe39;s largest bank raised its key performance target as its firsthalf profit surged more than twofold.

The broader banks index gained 1.1.

Weir Group jumped 4.1 to the top of the FTSE 100 after the engineering firm raised fullyear revenue and profit guidance.

Industrial metal miners, however, capped gains, losing 1.0 as prices of most base metals slipped on a firmer dollar.

The beverages index added 1.7 as Diageo rose 1.9 after the world39;s largest spirits maker beat fullyear sales forecasts.

The market seems to be cautiously optimistic at the moment, said Christopher Peters, trading floor manager at Accendo Markets.

It seems that the majority of companies that have reported and given positive rhetoric as such are seeing more positivity coming forward.

BP rose 1.7 after the oil giant increased its dividend by 10 despite missing secondquarter profit forecasts and dropping 70 from a…