European stocks gain as Bush takes lead

LONDON (AFP) - European stocks climbed in early deals as investors hoped for a swift outcome to the US presidential election, with President George W. Bush firmly in the lead.
Crude oil prices jumped back above 50 dollars a barrel as traders bet on a likely Bush win.
In London the FTSE 100 index won 0.51 percent to 4,717.20 points, while in Frankfurt the DAX rose 0.61 percent to 4,062.31 points and in Paris the CAC 40 gained 0.60 percent to 3,788.55 points.
"It's looking increasingly as if we have a Bush victory," said Alex Scott, an analyst at fund manager Seven Investment Management.
"But I think as much as anything it's not because of who has won but just the fact there does look as if there's going to be a clear winner.
"What markets were dreading was the possibility of a long drawn-out period with no clear victor, with legal battles continuing and a great deal of uncertainty," he said.
However, there were some fears in the market at the possibility of a re-run of the 2000 contest that was finally decided by the US Supreme Court, as Democrat John Kerry refused to concede the critical midwestern state of Ohio.
Analysts say a Bush win could boost the stock market because of his planned cuts in capital gains and dividend taxes.

11/03/2004 - 12:17 GMT - AFP