* Weak dollar boosts commodity prices, lifting miners, oils
* H&M falls after weak October sales
* Vivendi slips after gaining control of Brazil's GVT
* For up-to-the-minute market news, click on []
By Dominic Lau
LONDON, Nov 16 (Reuters) - European shares advanced for the
fourth straight session on Monday, with commodity stocks leading
the gainers as raw material prices benefited from a weaker U.S.
dollar, but retailer H&M <HMb.ST> fell after weak October sales.
By 0841 GMT, the FTSEurofirst 300 <> index of top
European shares was up 0.6 percent at 1,025.91 points, after
closing 0.4 percent higher on Friday to hit a three-week closing
for the second day in a row.
Miners were in demand with spot gold <XAU=> hitting a record
high as investors maintained their appetite for gold as a hedge
against currencies.
BHP Billiton <BLT.L>, Rio Tinto <RIO.L>, Anglo American
<AAL.L>, Xstrata <XTA.L> and Randgold Resources <RRS.L> were up
2.3-4.5 percent.
The United States and China sparred over exchange rates at a
meeting of Asia Pacific leaders on Sunday, a move that quashed
expectations that China may allow the yuan scope to rise in
coordination with U.S. President Barack Obama's first trip to
Beijing.
The softer U.S. currency makes commodity assets cheaper for
non-dollar-based investors.
Crude prices <CLc1> were also higher, aiding energy
producers such as BP <BP.L>, Total <TOTF.PA> and Royal Dutch
Shell <RDSa.L>, which put on 0.4-0.8 percent.
"We have overcome this (weakness in late October and early
November) because macro-economic data came in much better than
expected, even today the Japanese GDP is way stronger from what
economists expected," said Franz Wenzel, strategist at AXA
Investment Managers in Paris.
Data showed Japan's economy grew 1.2 percent in the third
quarter, nearly double the forecast and the fastest pace in more
than two years. []
"All of that confirms that ... the market is on an uptrend
which could easily take the market another 10 to 15 percent
higher till the year end. We are basically in the midst of an
year-end rally," Wenzel said.
The pan-European index has rallied 59 percent since hitting
a trough in early March, and is up 23 percent for the year.
Across Europe, Britain's FTSE 100 <> was up 0.8 percent
on Monday, Germany's <> put on 0.9 percent and France's
CAC 40 <> added 0.8 percent.
H&M HIT
Swedish fashion giant Hennes & Mauritz <HMb.ST> dropped 4.1
percent after posting an unexpected 3 percent drop in sales at
established stores in October, blaming the economic conditions
in some of its major markets. []
Rival Inditex <ITX.MC>, owner of the Zara chain, dipped 0.8
percent.
Also on the downside, Vivendi <VIV.PA> slipped 2.1 percent.
The French entertainment group on Friday gained control of
Brazilian telecom company GVT <GVTT3.SA> for up to $2.39
billion, trumping Spain's Telefonica <TEF.MC> to gain a foothold
in Latin America's biggest market.
Telefonica shares, however, were up 0.3 percent.
Bank were higher, with UBS <UBSN.VX>, Societe Generale
<SOGN.PA>, HSBC <HSBA.L>, Commerzbank <CBKG.DE> and Dexia
<DEXI.BR> up 1.3-2.2 percent.
European Central Bank Governing Council Member Miguel Angel
Fernandez Ordonez said an increase in euro zone interest rates
was not on the radar at present.
Investors will keep an eye on U.S. retail sales for October
and New York Federal Reserve's Empire State manufacturing
survey, both due at 1330 GMT, for further evidence of the
economic recovery.
ThyssenKrupp <TKAG.DE> advanced 3.2 percent after the
steelmaker confirmed it was selling its scaffolding unit Safway
to Odyssey Investment Partners and BofA Merrill Lynch raised its
price target for the stock.
(Editing by Mike Nesbit)
