World shares firm as US storm damage seen limited

World shares rose modestly as the initial impact of a massive storm in the United States looked to have been less severe than feared.

Activity was subdued everywhere since US share and bond markets were closed yesterday as one of the biggest storms to hit the country, codenamed Sandy.

Reassuring business updates from oil major BP and several major banks lifted European shares, with a key European equity index reaching its highest in more than a week.

However, traders said near-term direction would be influenced in part by what US investors do when markets in New York reopen after a two-day closure due to a massive storm, which caused widespread damage on the country's eastern coast.

The FTSEurofirst 300 index closed up 0.9 percent at 1,103.05 points, its best close since ending at 1,107.42 points on Oct. 22. The euro zone's blue-chip Euro STOXX 50 index rose 1.5 percent to 2,515.99 points.

Trading volumes on the FTSEurofirst 300 were among the lowest so far this year, as a result of the disruption caused by the storm in US.