Update: US markets soar as FTSE hits 18-month high

Global equities are rallying hard as strong data from China and a deal to avert the US fiscal cliff give cause for optimism.

US equities haves soared at the open as lawmakers' package to avert stringent budget cuts, as well as positive manufacturing data out of China, gave equity markets a boost on the first day of 2013 trading. The S&P 500 rose 1.8% at the open to 1,455, with the Dow Jones adding 1.6%, or 215 points, to 13,319. Those gains helped the FTSE rise further, the index having earlier passed 6,000 for the first time since July 2011. UK-listed miners led the rally, the index standing up 2.3% at 6,032 by mid-afternoon as better than expected UK manufacturing data also helped bolster sentiment. ...