World Stock Markets rose up sharply because of the boosted banking shares. This hike in the market came after the announcement of the financial results of HSBC and BNP Paribas. Both the banks have reported profits well above their expectation.

The BNP Paribas of France has seen a 31% of rise in its profits in the second quarter of this year and the biggest bank of UK, HSBC has seen profits of 11 billion dollars in the first half of this year, which is more than double compared to the same time period of last year.

The FTSE 100 index of London climbed up by 2.65% and reached to 5397p, meanwhile the shares of RBS, Lloyds and HSBC were up by 4.28%, 3.88%, 5.26% respectively.

The Cac 40 index of France climbed up by 2.99% and the Dow Jones index closed at 2% up. BNP was the top gainer in the Cac 40 index with a rise of 5.27% in its shares.

The Dax index of Germany was up by 2.34% but the experts say this rise in the world markets has not happened only because of banking shares but the manufacturing sectors are also responsible for the rise.