European shares edge higher, focus on U.S. election

LONDON Tue Nov 6, 2012 8:12am GMT

LONDON Nov 6 (Reuters) - Stronger technology stocks helped European equities to edge higher on Tuesday, although uncertainty around the outcome of the U.S. presidential election is expected to cap moves throughout the session.

At 0806 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,110.22 points. It had fallen 0.6 percent in the previous session.

"The market is in a wait-and-see mode ahead of the U.S. election. We have seen a consolidation phase of couple of weeks and the downside seems limited. These are good levels to buy," Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels, said.

"I would not be too hasty in buying cyclical stocks, but will keep a close eye on some technology and financial shares."

European technology shares, up 0.9 percent, were the top sectoral gainers, with ARM Holdings rising 3.1 percent.


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