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LONDON: European stock markets wavered Thursday, with London buoyed by a sharp UK economic growth upgrade, but Frankfurt hit by downbeat German manufacturing news and post-election uncertainty.

London equities advanced 0.3 percent in late morning deals, despite the end of the UK government's Covid jobs support scheme, after news that Britain's economy rebounded by 5.5 percent in the second quarter.

Frankfurt dropped 0.2 percent in early afternoon eurozone deals, but Paris edged 0.1 percent higher.

Oil prices advanced on supply concerns, but remained below recent highs, while the dollar steadied after soaring the previous day on hopes of tighter US monetary policy.

Investors remain worried over soaring inflation, China's Evergrande crisis and the ongoing global supply crunch.

"There is a decent showing across European equities," said AJ Bell investment director Russ Mould.

"That's quite surprising given how a cocktail of issues have been clouding the market in recent sessions -- namely rising bond yields, ongoing supply chain issues, the spike in energy prices and broader inflation, and the Evergrande drama still playing out."

German sentiment remains dogged by fears that talks to form a government will prove long and protracted after Chancellor Angela Merkel's conservatives lost to the Social Democrats.

Frankfurt was also hit Thursday after carmaker Opel announced the temporary closure of one of its plants owing to a global microchip shortage that has held back production.

UK car production slumped 27 percent in August from a year earlier, also in part owing to tight supplies of semiconductors, industry data showed.

"It's been a strange week so far and that may be feeding into the lack of direction we are seeing across equity markets today," noted Oanda analyst Craig Erlam.

Traders were also watching the political haggling in the United States over the debt ceiling.

Republicans have blocked Democrat moves to lift the borrowing limit and Treasury Secretary Janet Yellen has warned the US government will run out of cash to meet its obligations on October 18, so the race is on to avert what many say could be a catastrophic default.

Observers say that while the row is merely political brinkmanship, the fact that the deadline is so close is making waves on trading floors.

Most Asian markets track Wall St up but traders still on edge

Asia sentiment was dampened by news that China's factory activity contracted in September for the first time since February 2020 as the country faces an energy crunch that sparked power outages.

Key figures around 1050 GMT

London - FTSE 100: UP 0.3 percent at 7,127.59 points

Frankfurt - DAX: DOWN 0.2 percent at 15,328.29

Paris - CAC 40: UP 0.1 percent at 6,566.26

EURO STOXX 50: FLAT at 4,081.48

Tokyo - Nikkei 225: DOWN 0.3 percent at 29,452.66 (close)

Hong Kong - Hang Seng Index: DOWN 0.4 percent at 24,575.64 (close)

Shanghai - Composite: UP 0.9 percent at 3,568.17 (close)

New York - Dow: UP 0.3 percent at 34,390.72 (close)

Euro/dollar: UP at $1.1603 from $1.1598 at 2100 GMT on Wednesday

Pound/dollar: UP at $1.3441 from $1.3427

Euro/pound: DOWN at 86.33 pence from 86.38 pence

Dollar/yen: DOWN at 111.90 yen from 111.96 yen

Brent North Sea crude: UP 0.2 percent at $78.77 per barrel

West Texas Intermediate: UP 0.3 percent at $75.07 per barrel

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