Oct 4 (Reuters) - UK shares rose on Tuesday, lifted by financials and retail stocks, as weak U.S. data raised hopes that the Federal Reserve may ease from its hawkish stance, while some calm in bond markets also helped improve sentiment.

The export-oriented FTSE 100 (.FTSE) was up 1.5%, after hitting March lows on Monday, while the more domestically oriented FTSE 250 (.FTMC) snapped a three-day losing streak, jumping 2.4% by 0853 GMT.

U.S. stocks rallied on Monday after the weak manufacturing data hit Treasury yields and the dollar, spurring a global rally.

"U.S. manufacturing numbers were a bit of a disappointment. So, now there is increasing speculation that the Fed might look to do a pivot or may at least pause interest rate hikes for a time," said David Madden, market analyst at Equiti Capital.

Risky assets have taken a hit this year as central banks globally undertake monetary tightening to tame surging inflation, at the risk of causing a recession.

In London, stocks had a choppy start to the final quarter on Monday. A "mini-budget" last month proposed unfunded tax cuts, roiling markets globally. However, Finance Minister Kwasi Kwarteng reversed the plan and is now expected to publish his medium-term fiscal plan later this month — earlier than previously planned. read more

"The best gauge of sentiment is the British pound now rather than equity and it is at a much better value now," added Madden.

The sterling was up 0.5%, while the 10-year gilt yields also fell.

Legal & General Group (LGEN.L) jumped 5.1% after saying it would continue to support pension fund clients buffeted by sudden interest rate hikes. It added that it had not experienced difficulty in the aftermath of the "mini-budget". read more

Retailers (.FTNMX404010) were led higher by a 9.9% jump in Greggs (GRG.L) after its same store sales rose 9.7% year-on year, despite a worsening cost of living squeeze. read more

Energy stocks (.FTNMX601010) advanced 0.3%, supported by higher crude prices on prospects of supply cuts by the OPEC+.

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