LONDON Nov 6 European equities were lifted by a
clutch of strong earnings reports on Tuesday, although volumes
were subdued as many preferred to wait for the outcome of the
neck-and-neck U.S. presidential election.
Tuesday's polls will determine whether incumbent Barack
Obama or Republican challenger Mitt Romney are in charge of
resolving the "fiscal cliff" of multi-billion dollar spending
cuts and tax increases, which threatens to plunge the United
States back into recession next year.
The fate of the U.S. economy has become increasingly key for
European companies, such as Adecco, as the euro zone
crisis crushes domestic growth. Shares in the staffing group
added 3.2 percent after stronger sales in North America
compensated for a continuing slowdown in Europe, enabling it to
beat expectations on third quarter profit.
"If you look at pockets of strength within Europe it's
companies that are exposed to the U.S. and to Asia," said
Stephen Walker, head of equities research and market strategy at
The gains in Adecco, coupled with a strong performance in
the insurance sector after an outlook upgrade by Hannover Re
helped the FTSEurofirst 300 to provisionally
close 0.5 percent higher at 1,113.83 points
The EuroSTOXX 50 added 0.7 percent to 2,534.86
points in light volumes, at just 48 percent of the 90-day daily
average on EuroSTOXX 50.