LONDON (AFP) - European stock markets were subdued in early deals as a lacklustre performance on Wall Street weighed against a modest fall in oil prices and some positive company news.
The London FTSE 100 index gained 0.07 percent to 4,567.70 points, the Frankfurt DAX edged ahead 0.08 percent to 3,857.58 points while in Paris the CAC 40 fell 0.04 percent to 3,607.57 points.
The DJ Euro Stoxx 50 index of leading eurozone shares was unchanged at 2,734.26 points.
The euro traded just shy of recent eight-month highs against the US unit, standing at 1.2793 dollars.
In New York uncertainty over the deadlocked US presidential election and a flurry of disappointing earnings reports weighed on sentiment on Monday.
The Dow Jones Industrial Average closed down 0.08 percent at 9,749.99 points, well off the day's lows, but close to depths not seen since November of last year.
The technology-laden Nasdaq composite shed 0.06 percent to 1,914.04 points, while the broad-market Standard and Poor's 500 index closed down 0.09 percent at 1,094.80 points.
Shares pared losses as oil prices retreated from fresh record highs after the Norwegian government intervened to avert the threat of major supply disruptions from an industrial dispute.
New York's main contract, light sweet crude for delivery in December, eased back 39 cents to 54.15 dollars a barrel in electronic trading on Tuesday, some way below an all-time high 55.67 dollars seen on Monday
In London shares in advertising group WPP was among the early risers, gaining 1.72 percent to 532.5 pence after the company reported better-than-expected revenues in the third quarter.
WPP posted a four-percent increase in quarterly revenues to 1.07 billion pounds (1.54 billion euros, 1.97 billion dollars), but sounded a note of caution about prospects for 2005.
British oil giant BP slipped as the group's increased capital expenditure target and the falling oil price offset the group's top of the forecast range third-quarter profits, dealers said.
The oil major announced a 43 percent rise in pro-forma net profits in the third quarter to 3.94 billion dollars after exceptional charges.
Insurers rebounded from recent heavy selling as dealers reacted positively to news New York Attorney General Eliot Spitzer has decided not to bring criminal charges against the world's biggest insurance broker, Marsh and McLennan Companies.
They said that this has led to speculation that Spitzer's probe of the industry may not be as protracted or hard-hitting as originally feared.
Among European insurers, Munich Re climbed 2.07 percent to 74.40 euros, ING rose 1.27 percent to 19.99 euros and Allianz added 0.79 percent to 79.10 euros.
10/26/2004 - 14:45 GMT - AFP