* FTSEurofirst 300 up 0.4 pct
* Miners rebound; Fresnillo gains after results
* Traders eye strong earnings from JPMorgan later
* For up-to-the-minute market news, click on []
By Harpreet Bhal
LONDON, April 13 (Reuters) - European shares edged higher on
Wednesday, with beaten-down stocks, including miners,
recovering after a steep decline a day earlier, although
analysts expect recent strong gains may wane.
By 0905 GMT, the pan-European FTSEurofirst 300 <>
index of top shares was up 0.4 percent at 1,131.30 points,
rebounding from its biggest one-day fall in a month on Tuesday
as worries over the scale of Japan's nuclear crisis prompted a
bout of profit-taking.
In a bearish signal for the medium-term outlook for the
market, the FTSEurofirst 300 index held below its 50-day moving
average market, which it broke below a day earlier.
The index is up more than 6 percent since hitting 3-1/2
month lows in mid March on worries over the impact of an
earthquake in Japan and political unrest in the Middle East and
North Africa.
"In the medium-term the major equity markets are not really
moving out of their tight ranges. I would think it's unlikely to
see the markets push higher than the highs seen in February
without some kind of catalyst," said Will Hedden, sales trader
at IG Index.
Sentiment on Wednesday was also supported by gains in Asian
markets, with Japan's Nikkei <> recouping some of the
previous session's losses.
"With Asian markets up overnight that's having a knock-on
effect," said Mark Foulds, dealer at ETX Capital.
Corporate earnings are expected to dominate trade in the
near-term, with expectations running high for U.S. bank JPMorgan
Chase <JPM.N> which is forecasted to post a more than 50 percent
rise in first quarter profits when it reports earnings later in
the session. []
Analysts said the market's modest gains on Wednesday were
likely driven by short-term players, with longer-term investors
seen staying on the sidelines awaiting further corporate
earnings reports.
According to Thomson Reuters StarMine, STOXX 600 companies
due to post first-quarter results in the upcoming reporting
season are expected to post an average negative earnings
surprise of 1 percent.
Only 1 percent of companies on the index have so far
reported first-quarter earnings, with the bulk of companies
scheduled to report earnings in the coming weeks.
MINERS REBOUND
Upbeat earnings helped silver producer Fresnillo <FRES.L>
rise 2.1 percent after the firm's gold production rose to a
record in the first quarter and it said it was on track to meet
its silver target for 2011. []
Within the sector, the STOXX Europe 300 basic resources
index <.SXPP> was up 1 percent, after falling 4.3 percent in the
previous session, with a rebound in metals prices supporting
gains.
Industrial firms were also on the rise, with ThyssenKrupp
<TKAG.DE> up 3.1 percent on talk the group may sell assets to
strengthen its balance sheet.
Schneider Electric <SCHN.PA> added 1.3 percent after the
French firm denied media reports of a planned takeover of Tyco
International <TYC.N>.
Traders said positive broker comments helped selected stocks
technology firms push higher, with Alcatel-Lucent <ALUA.PA> and
Ericsson <ERICb.ST> up 5.3 and 0.6 percent respectively after
Morgan Stanley raised its recommendation on both stocks based on
strong demand in the U.S. market.
Later in the session, focus is likely to fall on U.S. retail
sales for March at 1230 GMT, with investors expecting a 0.5
percent rise in sales compared to a 1 percent increase in
February.
(Editing by Louise Heavens)
