* FTSEurofirst 300 closes 1.9 pct up after 3-day losing run
* Inditex boosted by strong results
* BP falls to 20-mth closing low on dividend concerns
By Brian Gorman
LONDON, June 9 (Reuters) - European shares rose on Wednesday, snapping a three-day losing streak, after better-than-expected Chinese export data boosted hopes for global economic recovery.
The pan-European FTSEurofirst 300 <
> index rose 1.9 percent to close at 998.44 points, having been as low as 978.84 earlier in the session. The index is still down more than 10 percent from a mid-April peak, on worries about Europe's debt crisis."It's a relief rally. I think we're due a technical recovery," said Giuseppe-Guido Amato, strategist at Lang & Schwarz.
"Whether it's a one-day wonder we don't know. The only sure thing is high volatility. Q1 earnings were good, and Q2 may be good, but macro trumps micro now. The acceleration of the recovery is fading. There is a chance of a double dip."
Banking stocks added most points to the index. Banco Santander <SAN.MC>, Credit Suisse <CSGN.VX>, HSBC <HSBA.L>, Societe Generale <SOGN.PA> and UniCredit <CRDI.MI> rose between 1.4 percent and 4.7 percent.
The sector was also given a boost after Citigroup analysts said dividends from Europe's banks were set to rise 36 percent this year.
European market sentiment was boosted after evidence of stronger than expected Chinese exports in May, lessening fears that Europe's debt crisis will slow global demand. [
]The China data, as well as a weaker dollar, helped oil and and metal prices gain, boosting commodity shares. Miners to rise included Anglo American <AAL.L>, BHP Billiton <BLT.L>, Fresnillo <FRES.L>, Rio Tinto <RIO.L> and Xstrata <XTA.L>, up between 2.5 and 4.6 percent.
Among oils, Total <TOTF.PA>, Repsol <REP.MC> and StatoilHydro <STL.OL> rose between 1.2 and 2.3 percent.
However, BP fell 4.3 percent to its lowest close since October 2008 as traders cited concern over its dividend payment. The company is coming under increasing pressure from U.S. politicians following an oil spill in the Gulf of Mexico.
BP is down more than 40 percent from a mid-April peak, wiping about 50 billion pounds ($72 billion) off its market capitalisation.
Across Europe, the FTSE 100 <
> index ended the day 1.2 percent higher; Germany's DAX < > and France's CAC 40 < > both gained 2 percent.Spain's IBEX 35 <
> rose 1 percent, Portugal's PSI 20 < > was 0.2 percent higher and Italy's benchmark <.FTMIB> was up 1.1 percent.Wall Street was higher around the time European bourses were closing. The Dow Jones <
>, S&P 500 <.SPX> and Nasdaq Composite < > were up between 0.9 and 1.3 percent.
INDITEX RISES
Among individual companies, Zara fashion chain owner Inditex <ITX.MC> soared 7.5 percent after the Spanish company posted a forecast-beating 63 percent jump in quarterly net profit. [
]However, mobile phone maker Nokia <NOK1V.HE> fell 2.3 percent as traders cited speculation the company could issue a profit warning. [
]Analysts say regulation is still a worry.
German Chancellor Angela Merkel and French President Nicolas Sarkozy have urged European Commission President Jose Manuel Barroso to consider an EU-wide ban on naked short selling of shares and state bonds. [
] (Editing by Mike Nesbit) (brian.gorman@thomsonreuters.com; +44 20 7542 9128; Reuters Messaging: brian.gorman.thomsonreuters.com@reuters.net))