FTSE approaches 16-month high after Obama victory

Prior to the result overnight, some investors had grown concerned markets could fall back if there was no clear winner. However, Obama's clear victory saw markets power ahead this morning across Europe, with the FTSE 100 approaching a peak not seen since last summer. The UK's blue chip index was up 36 points to 5,921 this morning, close to its March high of 5,966. If it reaches this level it will be the highest it has been since last July, when it traded above 6,000 points. Other markets across Europe are also climbing, with the German Dax 30 and French Cac 40 up 0.7% and 0.9% r...