Reuters: Hot Stocks: Britain's FTSE gains on U.S fiscal cliff optimism

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Britain's FTSE gains on U.S fiscal cliff optimism Nov 29th 2012, 08:09 LONDON Nov.29 | Thu Nov 29, 2012 3:09am EST LONDON Nov.29 (Reuters) - Britain's top share index pushed higher on Thursday, led by risk-sensitive miners and banking stocks, reflecting a swing to optimism over negotiations for a deal on the U.S. fiscal budget. Wall Street posted strong gains and Asian equities advanced overnight after U.S. House of Representatives Speaker John Boehner voiced optimism that Republicans could broker a deal with the White House to avoid a year-end 'fiscal cliff' of austerity measures that could stall the world's largest economy. President Barack Obama added to the positive mood, saying he hoped to get a deal done in the next four weeks. At 0805 GMT, the FTSE 100 index was up 20.73 points, or 0.4 percent at 5,824.00, having gained 0.1 percent on Wednesday after a volatile session, as sentiment on the U.S. fiscal cliff negotiations waxed and waned. Rio Tinto was the top FTSE 100 gainer, up 2.4 percent. The global miner aims to axe $7 billion in costs over the next two years as it faces weaker commodity prices. Despite cutting costs, the global miner had managed to beef up production at its lucrative Australian iron ore operations. (Reporting by Jon Hopkins; Editing by Francesco Canepa)

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