FTSE moves 1% higher ahead of Irish budget

The FTSE has advanced more than 60 points on Tuesday as investors were buoyed by news of US tax cuts, but European debt fears were keeping a lid on sentiment ahead of the Irish budget.

The FTSE was up more than 61.69 points, or 1.07%, to 5,831.81 by shortly after 11:45am. Commodity-related stocks bolstered the market, with Antofagasta up 1.44% to £14.78, BP rising 1.3% to 456p, Essar up 1.35% to 561.5p, and Fresnillo up 1.33% to £15.95. On the downside, banks are under pressure ahead of the Irish budget and continuing talk at the EU finance ministers' meeting of 'haircuts' for bondholders in distressed countries. Barclays, Lloyds and Royal Bank of Scotland are all lower. European stocks were also higher. The French Cac 40 index opened at 3,769.64, a gain of 0....