European shares climb early, Scotland in focus

jueves 18 de septiembre de 2014 04:06 GYT

* FTSEurofirst 300 up 0.3 pct, Euro STOXX 50 up 0.3 pct

* UK stocks dip; all eyes on Scotland referendum

* Investors have hedged UK stock portfolios -Saxo's Martin

By Blaise Robinson

PARIS, Sept 18 (Reuters) - European stocks edged up in early trade on Thursday, tracking gains on Wall Street after the U.S. Federal Reserve renewed its pledge to keep ultra-low interest rates for a "considerable time".

However UK stocks underperformed, losing ground as the voting got underway in Scotland's referendum on independence, keeping investors on edge ahead of the result, expected early on Friday.

A YouGov poll for the Times and Sun newspapers showed Scottish support for staying in the United Kingdom at 52 percent with Scottish support for the "Yes" campaign backing independence at 48 percent.

"Overall, equity investors have been quite sanguine about the referendum, we haven't seen any sell-off in UK shares ahead of the vote, although we've seen investors hedging the currency risk in their portfolios," Saxo Bank trader Pierre Martin said.

The overnight sterling/dollar implied volatility rose to a high of 34.75 percent on Thursday, almost 10 times levels seen a month ago, having closed on Wednesday at around 12.75 percent, as investors stepped up hedging against sharp fluctuations over the next 24 hours.   Continuación...