November 8, 2016 / 8:22 AM / 2 years ago

European shares up on encouraging earnings, focus on U.S. vote

LONDON, Nov 8 (Reuters) - European shares edged higher in cautious trading ahead of Tuesday’s U.S. presidential election, with encouraging results and updates from some companies underpinning the broader market.

The pan-European STOXX 600 index was trading 0.3 percent higher in early trading, after surging 1.5 percent in the previous session on improved chances of Hillary Clinton becoming the next U.S. president.

Clinton’s chances of winning got a boost on Sunday when the U.S. Federal Bureau of Investigation said it stood by its July finding that the democratic candidate was not guilty of criminal wrongdoing in her use of a private email server. Clinton is seen as offering greater certainty and stability, and was ahead in five polls released on Monday.

Shares in Primark owner Associated British Foods surged 6.8 percent, the top STOXX 600 gainer, after the company said it expected profits to increase in the next fiscal year. It also added that earnings could ultimately benefit after Britain’s vote to leave the European Union.

However, ArcelorMittal fell 5 percent after the world’s largest producer of steel reported third-quarter core profit below expectations and said its final quarter would be weaker than the third.

Reporting by Atul Prakash

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