European shares led higher by UBS, BP after updates

PARIS, Oct 30 (Reuters) - European stocks rose on Tuesday, led by Swiss bank UBS after it confirmed cost-cutting plans and UK energy firm BP after it raised its dividend.

Trade was expected to remain thin, however, as the impact from a massive storm hitting the United States is set to keep Wall Street closed for a second day.

At 0805 GMT, the FTSEurofirst 300 index of top European shares was up 0.4 percent at 1,097.52 points. The index slipped 0.3 percent on Monday in its lowest volume in nearly two months.

``Despite the recent falls, risky assets are holding on. Indexes are getting close to support levels, but they haven't been broken, which opens the door for a rally later in the week,'' FXCM analyst Nicolas Cheron said.

UBS was the top blue-chip gainer, up 6 percent, after confirming it would wind down its fixed income business and slash 10,000 jobs. BP rose 3.5 percent after it posted forecast-beating results and upped its dividend.