MARKETS SPECTATOR: A hint of relief

Oil and bank shares were boosted by strong earnings in Europe, while a whiff of a relief rally seemed to underpin gains.

With US markets closed once again due to Hurricane Sandy, the first time since 1988 that a weather event has stopped trading for two days, European markets took the lead, pushing higher on light volumes as stronger-than-expected earnings reports helped boost major oilers and banking stocks.

The French CAC 40 was the top performer, adding 1.5 per cent while the German DAX and London’s FTSE 100 rose 1.12 per cent and 0.95 per cent respectively.

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