Global shares see modest rise as U.S. storm impact assessed

Tue Oct 30, 2012 11:02am EDT
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By Richard Hubbard

LONDON (Reuters) - World shares rose modestly in subdued trading on Tuesday as investors waited to see the full impact of a massive storm that wrought destruction across the eastern United States.

The monster storm, code-named Sandy, was responsible for at least 15 deaths, left millions without power, and has closed much of New York's financial district.

Wall Street shut for a second day, and bond trading was also halted as the focus switched to whether markets would be able to resume activity on the final day of the month on Wednesday, which is key to pricing investment portfolios.

The FTSEurofirst 300 index of top European shares .FTEU3 was up 0.75 percent at 1,101.75 points and, after gains earlier in Asia, the MSCI world equity index .MIWD00000PUS had risen 0.3 percent to 328.86 points.

U.S. stock index futures, which kept trading in Europe, edged lower, but volumes were very light. .N

"We're a bit lost without Wall Street, frankly," said Alexandre Tixier, technical analyst at TradingSat, in Paris.

Across European stock markets, attention was on corporate earnings, with results from well known names like Germany's Deutsche Bank (DBKGn.DE: Quote), Swiss banking giant UBS UBSN.VX and oil major BP (BP.L: Quote) lifting prices. UBS shares leapt over four percent as it confirmed a plan to cut 10,000 jobs.

Britain's FTSE 100 index .FTSE was up 0.75 percent, Germany's DAX index .GDAXI up 0.9 percent and Switzerland's SMI index .SSMI up 0.5 percent.   Continued...

A city trader monitors stock prices in London.