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

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Britain's FTSE rallies on U.S. fiscal optimism Dec 18th 2012, 08:10 LONDON | Tue Dec 18, 2012 3:10am EST LONDON Dec 18 (Reuters) - Britain's top shares rose on Tuesday, recovering after falls in the previous session, on signs of progress in negotiations to avoid a "fiscal cliff" of spending cuts and tax rises that threaten the U.S. economy. The FTSE 100 was up 13.77 points, or 0.2 percent, at 5,925.92 by 0805 GMT, erasing Monday's 0.2-percent drop. Investors became more optimistic that a U.S. budget deal will be struck on Monday night after President Barack Obama made a counter-offer to Republicans that included a major change in position on tax hikes for the wealthy. "Now that a deal looks likely to be done, a strong end to the year for equities is certainly on the cards," said Craig Erlam, market analyst at Alpari (UK), who reckons a break above the psychologically important 6,000 level is within reach before year-end. (Reporting by Tricia Wright; Editing by Toni Vorobyova)

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