European stocks extended gains Tuesday, boosted by solid equity sentiment following a record-setting session for U.S. markets and surging commodities prices.

The broadest measure of European shares, the Stoxx 600 index, added 0.43% to trade at 341.96, the highest since November 10 by 10:15 GMT. Britain's FTSE 100 gained 1.1%, or 74 points, to trade at 6845 while benchmarks in Germany (+0.66%) and France (0.77%) had similar percentage advances.

Mining and basis materials stocks led FTSE gains, with Anglo American (NGLOY) rising 4.61% to the top of the leaderboard following another surge in global copper prices. BP plc (BP) shares gained 1.32% while Royal Dutch Shell (RDS.A) added 1.24%. 

Metals prices were once again on the march in overnight, shrugging-off the U.S. dollar strength and extended that rally into European trading as copper rose 1.8% to a one-week high of $5,657 per tonne as traders bet on steep infrastructure spending increases from President-elect Donald Trump.

The European advances follow an historic session in the United States, where all four of the major equity indices closed at record highs Monday, a feat last achieved in 1999, as higher oil prices, a strong dollar and inflation expectations all helped to lift stock prices higher amid increasing "Trump trade" bets.

Oil prices continued to drive market sentiment in Europe, as well, with crude prices for January delivery adding to gains ahead of next week's key OPEC summit in Vienna, where cartel members are attempting to reach an agreement on their first production freeze since 2008.

Brent crude, the global benchmark, rose 1.5% in European trading to change hands at $50.43 per barrel while West Texas Intermediate Crude on the Nymex exchange added 1.2% to $48.87 per barrel.

The U.S. dollar rally eased somewhat overnight, with the greenback falling marginally against a basket of six global currencies to trade at 100.93 before falling further to around 100.82 by 11:15 GMT.

The pound  gave back some of its 1.2% gains from the Monday session, falling around 0.2% against the dollar in early trading, but its still holding firmly at 1.2449 ahead of Chancellor Philip Hammond's Autumn Budget statement to parliament Wednesday, where he is expected to reveal a £100 billion 'black hole' in the country's finances as a result of its decision to leave the European Union on June 23.

Bond markets were relatively muted in Asia trading, following what could potentially be a key development in U.S borrowing costs in the months ahead. Treasury officials sold $26 billion in 2-year notes Monday as part of their regular operations, but had to offer investors the highest yield (1.085%) for the debt since 2009. 

German benchmark 10-year bunds fell around 4 basis points to 0.24%, with the move taking the difference in yield, or spread, between 10-year U.S. Treasuries and 10-year German bunds to 206 basis points, or 2.26%, the widest in over 15 years. 

Indications from U.S. stock futures prices suggest another record setting session Tuesday, with the Dow gaining 36 points, the SP& 500 2.5 points and the Nasdaq 15.9 points at the opening bell. 

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