EUROPEAN stock markets and the euro have rebounded as investors cheered positive company earnings and thousands of job cuts at Swiss bank UBS, despite a lull in trading caused by monster storm Sandy.
London's FTSE 100 index of top companies on Tuesday rose by 0.87 per cent in value to stand at 5,845.30 points in late morning deals.
Frankfurt's DAX 30 won 1.06 per cent to 7,279.40 points and in Paris the CAC 40 gained 1.17 per cent to 3,448.67.
Madrid's IBEX 35 jumped 0.99 per cent to 7,805.10 points.
European stock markets closed lower on Monday awaiting pivotal debt talks on Greece due this week and in thin volume owing to US trading being suspended as Sandy bore down on New York.
"Although the US markets remain closed for the second day in a row, courtesy of Sandy, which is not only affecting the trading volumes but also interrupts the presidential election (race) - European markets experience what, given the circumstances, could be called a rally," said Gekko Global Markets trader Anita Paluch.
"The boost comes from the better than expected earnings results reported by heavyweight companies like Deutsche Bank and BP. The UBS news to slash the jobs is also interpreted in a positive way."
Shares in UBS rallied 5.18 per cent to 13.8 Swiss francs on an index up 0.63 per cent overall. The banking giant on Tuesday announced nearly 10,000 job cuts worldwide, saying that the costs of restructuring its hard-hit investment bank had pushed it deep into loss in the third quarter.
In Frankfurt, Deutsche Bank's share price advanced 3.74 per cent to 34.54 euros after the German lender announced a better-than-expected performance in the third quarter.
Deutsche Bank said in a statement its net profit after minority interests rose by 3.0 per cent to 747 million euros ($A940.63 million) in the period from July to September.
In London, BP rocketed 5.40 per cent to 447.95 pence after better-than-expected earnings for the third quarter.
In foreign exchange trading on Tuesday, the euro rose to $US1.2952 from $US1.2900 late in New York on Monday, as traders brushed aside news of rising German unemployment.
Gold prices grew to $US1,713.43 an ounce on the London Bullion Market from $US1,707 an ounce on Monday.
Tokyo's stock market closed lower on Tuesday after the Bank of Japan announced monetary easing that was only slightly bigger than market forecasts and cut its growth outlook.
Just before the Tokyo market closed down 0.98 per cent, the central bank said it would add another Y11 trillion ($A134.14 billion) to its Y80 trillion asset purchase scheme to provide liquidity to the economy and jumpstart growth.
It also said it expected the economy to grow just 1.5 per cent in the year to March, instead of the 2.2 per cent previously predicted.
Expectations of new easing had sent markets higher in recent weeks, while the yen had suffered a sell-off.
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