Markets react in relief to "fiscal cliff" deal Stock markets have reacted in relief to the deal which avoids the so called "fiscal cliff." European shares notched up solid gains with a broad based rally. Britain's top share index the FTSE 100 index was up 1.5 percent. In Europe the FTSEurofirst 300 rose 1.1 percent after opening, trading at levels last seen in May 2011. Miners led the blue-chip gainers with banks also in demand. All major global markets were closed on Tuesday for the New Year's holiday, so it was Asia and Australia which provided the first clues about investor sentiment. Asian stocks rose nearly two percent at opening to hit a five-month high. Chinese shares in Hong Kong jumped three percent, copper prices hit a two week high and Brent crude reached a one-month peak. More about: Barack Obama, Markets, USA