Economic data came in strong on Monday morning but a poor reaction to results from banking giant HSBC was weighing on markets in London with the FTSE 100 erasing its earlier gains by midday.HSBC, the Footsie's largest company by market capitalisation (around £135bn by today's prices), disappointed analysts with its second-quarter figures this morning after reporting a worse-than-expected 10% rise in profits and a 7.0% fall in revenue.Before the results were released at 09:15, markets had opened strongly as stocks rebounded after a late sell-off on Friday when the US jobs report underwhelmed. With US non-farm payrolls coming in below expectations on Friday, it has now sparked hopes that the Federal Reserve could delay tapering stimulus until the end of the year. These hopes spurred a positive reaction on Wall Street on Friday with the Dow Jones and S&P 500 hitting fresh all-time highs.Meanwhile, analysis out this weekend by Goldman Sachs suggested that the FTSE 100 could reach 7,500 within 12 months' time, ahead of its previous closing high of 6,930 reach in December 1999. This forecast represents nearly 13% upside from Friday's closing price of 6,648.Data comes in strongPurchasing managers' indices (PMIs) from across the globe were coming in broadly better than expected with markets pushing higher early on after this weekend's official Chinese services PMI rose from 53.9 to 54.1.Data from the Eurozone also impressed this morning with the region's services and manufacturing showing combined growth in activity for the first time in 18 months. The final Eurozone composite PMI increased to 50.5 last month from 48.7 in June, ahead of the preliminary estimate of 50.4.Meanwhile, the UK services PMI smashed forecasts, jumping from 56.9 to 60.2 in July, ahead of the 57.4 estimate. This was the highest level since December 2006."The UK, which only a few months ago was facing a triple-dip recession, is looking better by the day," said Market Analyst Craig Erlam from Alpari. "While these PMIs can fall rapidly if things take a turn for the worse, we've seen a consistent improvement in these figures all year, while growth has exceeded all expectations."FTSE 100: HSBC drops as Q2 figures fall shortBanking giant HSBC Holdings reported a 10% rise in half-year profits to $14.1bn as it kept a tight rein on costs. However earnings fell short of the $14.6bn expected by the average of 14 analysts polled by the company due to a fall in revenue. Europe's biggest bank posted revenue of $34.4bn, down 7.0% from the prior year, reflecting subdued economic growth in western countries and a slowdown in China.Sector peer RBS followed suit as investors were still reacting to Friday's disappointing results. A downgrade by Societe Generale to 'sell' was also weighing on the share price today. However Lloyds was bucking the trend, extending gains after impressing markets with its first-half results last week. This morning's performance have been sparked by comments from frontman António Horta-Osório who said that the bank would start paying out up to 70% of earnings in dividends within three years - Lloyds has not paid a dividend since the government bailout in 2008.Technology firm Smiths Group was extending losses made Friday when the company revealed that it had rebuffed an approach for its medical division.Mining and marketing giant Glencore Xstrata was higher on the news that it is to sell its grain-handling unit Joe White Maltings to US firm Cargill.FTSE 100 - RisersLloyds Banking Group (LLOY) 76.60p +3.89%Vedanta Resources (VED) 1,238.00p +3.08%International Consolidated Airlines Group SA (CDI) (IAG) 326.10p +2.87%Aggreko (AGK) 1,628.00p +2.58%London Stock Exchange Group (LSE) 1,616.00p +1.89%Schroders (SDR) 2,558.00p +1.75%Diageo (DGE) 2,110.50p +1.71%Hargreaves Lansdown (HL.) 1,017.00p +1.50%Anglo American (AAL) 1,477.00p +1.37%BAE Systems (BA.) 458.30p +1.37%FTSE 100 - FallersHSBC Holdings (HSBA) 723.50p -4.13%Admiral Group (ADM) 1,329.00p -2.57%Royal Bank of Scotland Group (RBS) 315.90p -2.05%Smiths Group (SMIN) 1,301.00p -1.44%Shire Plc (SHP) 2,416.00p -1.06%Fresnillo (FRES) 1,030.00p -1.06%Weir Group (WEIR) 2,217.00p -0.98%Standard Chartered (STAN) 1,530.50p -0.91%Marks & Spencer Group (MKS) 484.40p -0.90%Morrison (Wm) Supermarkets (MRW) 288.10p -0.79%FTSE 250 - RisersThomas Cook Group (TCG) 169.00p +4.97%Perform Group (PER) 516.50p +3.30%Berendsen (BRSN) 843.00p +3.18%Drax Group (DRX) 674.00p +3.14%WH Smith (SMWH) 825.50p +3.06%Ocado Group (OCDO) 297.30p +2.73%Hochschild Mining (HOC) 177.50p +2.72%Supergroup (SGP) 1,092.00p +2.54%Taylor Wimpey (TW.) 113.50p +2.44%Man Group (EMG) 93.70p +2.40%FTSE 250 - FallersDomino's Pizza Group (DOM) 546.00p -7.46%Ladbrokes (LAD) 206.60p -3.55%Alent (ALNT) 367.40p -2.55%Centamin (DI) (CEY) 36.58p -2.27%CSR (CSR) 526.50p -1.86%UBM (UBM) 727.00p -1.82%Inchcape (INCH) 634.50p -1.63%Bwin.party Digital Entertainment (BPTY) 138.40p -1.63%Playtech (PTEC) 685.00p -1.44%FirstGroup (FGP) 103.10p -1.43%BC