By Sara Sjolin, MarketWatch
LONDON (MarketWatch) — Oil firms boosted European stock markets in early action on Wednesday after a well-received earnings report from Total SA, while investors also waited for U.S. markets to open after two days of shutdowns.
The Stoxx Europe 600 index XX:SXXP +0.42% gained 0.3% to 272.62.
Oil group Total FR:FP +1.26% TOT +0.12% was among the major movers, up 2%, after the firm said third-quarter profit rose 20%, lifted by the higher oil price in euros and increased profit margins at its refineries. See: Total profit up 20%, lifted by refining, chemicals.
Bucking the positive earnings trend, Barclays PLC UK:BARC -4.29% BCS -0.67% slumped 3.8%. The British bank reported slightly weak revenues for the third quarter and said it remains cautious about the economic environment. See: Barclays profit driven by investment banking.
Investors also trained their attention on developments in the U.S. after super storm Sandy late Monday left large parts of the East Coast and New York City without power. U.S. stock markets were closed Monday and Tuesday in the wake of the storm, but were scheduled to reopen Wednesday.
U.S. stock futures pointed to a higher open on Wall Street.
Among notable movers in Europe, steelmaker ArcelorMittal SA FR:MT -3.11% dropped 4.2% in Paris after proposing to cut its annual dividend as the firm swung to a loss in the third quarter. See: ArcelorMittal cuts dividend after swinging to loss.
The CAC 40 index FR:PX1 +0.63% , however, rose 0.6% to 3.481.01.
In Germany, Deutsche Lufthansa AG DE:LHA +6.61% rallied 6.9%. The airline reported third-quarter profit that beat market expectations.
The DAX 30 index DX:DAX +0.73% gained 0.6% to 7,328.03.
In the U.K., oil firms followed the lead from Total and Royal Dutch Shell PLC UK:RDSB +0.84% RDS.B +0.11% picked up 0.6%, while BP PLC UK:BP +1.25% BP -0.10% added 1.1%.
BG Group PLC UK:BG -12.56% sank 5.7% as the company reported third-quarter results.
The FTSE 100 index UK:UKX +0.0085% was marginally higher at 5,851.11.
Sara Sjolin is a MarketWatch reporter, based in London.
