London's FTSE 100 rises as HSBC lifts financial stocks; Middle East tensions linger

• HSBC rose 1.2% after Allianz agreed to acquire its life insurance business in Singapore for S$2.7 billion ($2.1 billion), as the lender continues to streamline operations and focus on its core Asian banking business.
• Investment banks and brokerages rose 1.6%, leading sectoral gains, with 3i Group at the top of the benchmark index, up 3.1%, after UBS raised its target price on the investment company to 3,200 pence from 2,900 pence.

• On the geopolitical front, U.S. President Donald Trump promised "major military punishment" for Iran and its Houthi allies after the Yemeni fighters struck two Saudi oil tankers in the Red Sea, heightening concerns about disruptions to energy flows and a broader regional conflict, though oil prices retreated.
• Energy shares fell 1.1%, with BP and Shell down 1.6% and 0.9% respectively.
• In other news, the United States imposed new tariffs of 10% and 12.5% on goods from 60 trading partners.
• British retail sales rose unexpectedly in June, official data showed, adding to evidence of a pickup in economic activity as warm weather and the soccer World Cup boosted consumer spending.
• British firms reported their first growth in three months in July, helped by a brief respite in the U.S.-Iran war.
• Among individual stocks, discoverIE rose 12.5% to the top of the FTSE midcap index after the electronics components maker said its annual earnings are expected to exceed market expectations.

July 24 (Reuters) - Britain's FTSE 100 index climbed on Friday, helped by gains in HSBC that boosted financial stocks, while investors monitored rising oil prices amid escalating tensions in the Middle East.