* FTSE up 0.2 percent
* Macro and earnings worries keeps caps gains
* Miners fall, Anglo blighted by SA strikes
* WPP gets a lift from uplift in Publicis revenues
By David Brett
LONDON, Nov 12 Britain's FTSE 100 edged higher
in choppy trade early on Monday with WPP receiving a boost from
French peer Publicis but broader gains were capped by continued
worries over the U.S. budget deficit and Greece's debt crisis.
By 0957 GMT, the FTSE 100 was up 12.48 points, or
0.2 percent, at 5,782.16.
Volumes were a paltry 7 percent of their already weak 90-day
daily average, reflecting the unwillingness of investors to take
up fresh positions in equities amid weak earnings and global
macro economic uncertainty.
The index bounced off an intraday low on Friday, having
probed the 200 day moving average level around 5,730 but the
market continues to trade in a tight range of barely 20 points,
"Greece has become a feature recently, although compared to
a year ago overall it is a more positive space ... but the real
problem is the U.S. fiscal cliff and whether there is going to
be gridlock or if it is going to be resolved," said Richard
Hunter, head of equities at stockbroker Hargreaves Lansdown.
The outcome of talks over the fiscal cliff - a $600 billion
package of tax increases and spending cuts that will take effect
in January if there is no long-term pact to cut the budget
deficit - is a major uncertainty for markets.
"It is difficult to see a rally into the year-end and unless
the U.S. politician decide to sort out the U.S. fiscal cliff
this side of Christmas it is difficult to see where another
positive catalyst is coming from," he said.
There was little evidence that the appetite was there among
investors to propel riskier assets -- stocks which tend to
outperform when economic condition improve -- higher.
Miners shed 0.6 percent as weak GDP data from
Japan, uncertainty over the euro zone and the looming U.S.
fiscal cliff took the sheen off slightly better trade data from
Platinum producer Anglo American fell 1.1 percent
blighted by strikes in South Africa, which forced mining peer
Lonmin to go ahead with a cash call to slash its debt
and fund a recovery, after being hit by six weeks of strikes.
But it was defensively perceived stocks -- companies that
tend to outperform in times of economic uncertainty -- that led
British American Tobacco rose 0.5 percent, while
heavyweight telecoms firm Vodafone, liked for its
dividend attractions, added 0.3 percent.
Car insurance firm Admiral, up 2.6 percent,
continued its recent resurgence boosted by the firm's dividend
yield of over 9 percent.
FTSE 100 advertising firm WPP was among the top
gainers, rising 2 percent after French peer Publicis PUBP.PA
said on Sunday that demand for advertising rebounded in October.
Earnings have been capricious at best with 43 percent of
European companies missing earnings expectations so far in the
current quarter, according to Thomson Reuters Starmine data.
Aero electronics group Cobham fell 7.6 percent after
it said it expected its revenues to fall due to increasing
pressures on the defence budgets of the US. [ID:nL5E8MC2D1
Industrial services provider Cape Plc slumped more
than 30 percent after a profit warning.
JP Morgan said that while earnings growth forecasts for 2013
have started to nosedive it thinks there is much more to go.
"Our call remains for range trading at best into year end -
"travel and arrive", to be followed by a break lower in Q1," JP
Morgan said in a note.
(Writing by David Brett; editing by Keiron Henderson)