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European Markets Climb

Even as New York markets remained closed Tuesday in the aftermath of Hurricane Sandy, European markets closed on an upbeat note.

LONDON — Even as New York markets remained closed Tuesday in the aftermath of Hurricane Sandy, European markets closed on an upbeat note as companies including Deutsche Bank and BP reported earnings that beat estimates.

The CAC 40 in Paris led the way, rising by 1.5 percent to 3,459.44. The DAX in Frankfurt and the FTSE MIB in Milan were both up 1.1 percent to 7,284.40 and to 15,521.77 respectively.

The FTSE 100 in London edged up one percent to 5,849.90.

The pound traded at $1.61, while the euro traded at $1.29.

Retail and luxury stocks were mostly up, with the day’s biggest gains being made by Yoox, up 3.3 percent to 11.70 euros; Tod’s, 2.5 percent to 91.15 euros; Ferragamo, 2.4 percent to 15.88 euros; and Burberry, up 1.5 percent to 11.80 pounds.

Among the stocks that lost ground at the close of trading were Mulberry, down 2.8 percent to 9.71 pounds, and Safilo, down 1.1 percent to 6.43 euros.

U.S. Markets are expected to reopen on Wednesday morning. Total damages from the storm are estimated to be anywhere from $20 billion to $35 billion, according to reports.