Last checked at 
(Alliance News) - European stocks advanced on Tuesday, with global equity markets continuing to grow in confidence, after the UK government backtracked on its unfunded tax cuts and as US corporate earnings have come in decent so far.
The FTSE 100 index rose 61.86 points, or 0.9%, to 6,982.10 at midday. It is shaping up to be the blue-chip benchmark's fourth-successive daily gain. After a tough start to October, it is now up 1.3% so far this month.
The FTSE 250 was up 107.12 points, or 0.6%, at 17,609.96. The AIM All-Share added 6.53 points, 0.8%, to 794.19.
The Cboe UK 100 traded 0.9% higher at 697.78, the Cboe UK 250 rose 0.8% to 15,107.92, and the Cboe Small Companies traded 0.3% higher at 12,431.75.
In European equities on Tuesday afternoon, the CAC 40 in Paris was up 0.7% and the DAX 40 in Frankfurt rose 1.0%.
"Investors appear to have regained optimism after the U-turn in UK government policy and hopes that the new earnings season that kicked off last week might not be as bad as feared," AJ Bell analyst Russ Mould commented.
Stocks in New York were called sharply higher on Tuesday. The Dow Jones Industrial Average is pointed up 1.4%, the S&P 500 up 1.6%, and the Nasdaq Composite up 1.9%.
Sentiment in London also was initially boosted on Tuesday by a report that the Bank of England will delay the start of a planned bond-selling programme, though the central bank later ruled this out.
"This morning's FT report that the BoE has decided to delay MPC gilt sales is inaccurate," a spokesperson for Threadneedle Street said.
The Financial Times reported that the start of the bond sales, part of the central bank's quantitative tightening programme, may be delayed beyond the end of this month. The BoE had already shifted the start of a sale of GBP838 billion worth of gilts to the end of October from October 6.
Sterling fetched USD1.1264 midday Tuesday UK time, down sharply from USD1.1409 late Monday.
The euro traded at USD0.9822, up slightly from USD0.9810 late Monday, but off an intraday high of USD0.9872. Against the yen, the dollar improved to JPY149.17 from JPY148.77.
Markets also shook off the delay to a batch of Chinese economic data, including the nation's latest gross domestic product reading. The delay coincides with Chinese Communist Party congress, where President Xi Jinping is expected to be given a third term as party boss.
"We aren't concerned that the release in the data is because it is particularly weak. Although we don't expect it to paint a particularly positive picture of the Chinese economy when it is eventually released. Rather, the delay suggests that the government believes that the 20th Party Congress is the most important thing happening in China right now and would like to avoid other information flows that could create mixed messages," analysts at ING commented.
In Europe, a less-than-stellar reading of Germany's economy was released.
Confidence in Germany's current economic state tumbled this month, though expectations for the future tentatively nudged higher, results from a survey showed.
According to the latest findings from ZEW, the assessment of the current situation in Germany tumbled 11.7 points to minus 72.2 points in October, from 60.5 in September.
The more forward-looking economic sentiment tracker rose 2.7 points to minus 59.2 points in October from 61.9 in September, however.
In London, Moneysupermarket.com shares rose 8.8%. The price comparison site operator now expects annual earnings before interest, tax, depreciation and amortisation to be at the upper end of market expectations.
Broker Peel Hunt put the range of market expectations for annual Ebitda at GBP108.5 million to GBP115.5 million. Adjusted Ebitda in 2021 was GBP100.5 million.
For the three months ended September 30, the Chester, England-based firm reported total revenue of GBP101.9 million, up 33% from a year prior.
finnCap shares also were on the up, jumping 30% amid takeover interest.
finnCap said it has received a non-binding takeover proposal from peer Panmure Gordon.
The stockbroker said talks with Panmure are at an early stage, and there is no guarantee a firm offer is forthcoming. Panmure has until the close of play on November 15 to decide whether or not it plans to make an offer.
Similarly getting a boost from M&A interest, Shanta Gold surged 24%. It said it has received approaches from Shandong Gold, Yintai Gold, and London-listed Chaarat Gold.
"Whilst discussions are continuing with each party, there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made," Shanta said.
Chaarat shares were 0.2% higher.
Bellway gave back 1.5%, returning some of its 3.2% advance from Monday. Its shares had risen on Monday amid hope that the reversal of some mini-budget measures will calm UK mortgage markets.
The housebuilder on Monday had reported an annual revenue rise, and it continues to expect good things from the UK housing market, supported by a recent relaxing of stamp duty.
A barrel of Brent oil was priced at USD91.63 midday Tuesday, flat from USD91.70 late Monday. An ounce of gold fell to USD1,651.96 from USD1,661.00.
In the international economics events calendar on Tuesday, there is a US industrial production reading at 1415 BST.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
