LONDON (AFP) - European stock markets pushed upwards in early deals as company news provided a fillip in otherwise cautious trading ahead of a US interest rate decision.
The London FTSE 100 index rose Wednesday by 0.35 percent to 4,734.40 points, with the Frankfurt DAX gaining 0.47 percent to 4,084.57 points and the Paris CAC winning 0.35 percent to 3,782.96 points.
The DJ Euro Stoxx index of leading eurozone shares firmed 0.24 percent to 2,871.91 points.
The euro stood at 1.2944 dollars.
The main focus was on the meeting of the US Federal Open Markets Committee (FOMC), which sets American interest rates.
Economists said a quarter-point rise in the federal funds target rate -- to 2.0 percent from 1.75 percent -- was almost a done deal.
"The markets will probably hold their breath in anticipation of what the Fed will say," said Nomura Securities analyst Anais Faraj.
"Before that, the US trade and budget data should offer further ammunition for the dollar bears.
"While some analysts expect another move in December, we expect the FOMC to align short rates with core inflation and then close their book for the year," he wrote in a note to clients.
In New York shares barely budged Tuesday despite a slump in the crude oil price.
The Dow Jones Industrial Average of 30 blue-chip stocks eased 0.05 percent to 10,386.37 points at the closing bell.
The broader Standard and Poor's 500 index dipped 0.07 percent to 1,164.08 points, while the technology-laden Nasdaq index climbed 0.20 percent to 2,043.33 points.
In Paris shares in oil group Total rose 0.42 percent to 166.1 euros after the company reported a third quarter net profit of 2.37 billion euros, up 38 percent from a year earlier, and said it will pay its first ever interim dividend of 2.40 euros per share on November 24.
Cable and Wireless jumped 8.22 percent to 118.5 pence after the ailing British telecoms group's 250-million-pound share buyback took the sting out of another set of disappointing interim results, dealers said.
"Operationally this morning's results were slightly weaker than our expectations, but the further restructuring, management changes, a share buyback... offset this disappointment," broker Seymour Pierce commented.
The group also announced the cull of a further 600 staff, the departure of chief operating officer Kevin Loosemore and the closure of its London headquarters.
11/10/2004 - 10:44 GMT - AFP