Europe: Wall Street lifts shares, FTSE lags on strong pound

[LONDON] Fading optimism about US-China trade talk weighed on European shares at the start of the session on Tuesday but a rising Wall Street lifted sentiment, while London's FTSE 100 lagged the broader markets as the sterling rallied.

The FTSE 100 lost 0.45 per cent as sterling rallied to a five-month high against the dollar. Investors ramped up bets that a no-deal Brexit could be avoided after Prime Minister Theresa May offered lawmakers the chance to vote on delaying the process. Among individual moves, Britain's Metro Bank lost more than 15 per cent after announcing plans to raise 350 million pounds in a shareholder cash call a month after announcing a sharp rise in exposure to higher-risk mortgages.Travis Perkins jumped 12.5 per cent after reporting better-than-expected pretax profit while Ocado surged 11.7 per cent after announcing talks to form a joint venture that would give M&S a full online food delivery service for the first time.

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