* FTSEurofirst 300 up 0.6 percent after falling on Tuesday
* Miners, oil stocks rise, firmer crude, metals prices help
* Eyes on slew of U.S. macro-economic data
* For up-to-the-minute market news, click on []
By Christoph Steitz
FRANKFURT, Nov 25 (Reuters) - European shares rose from the
outset on Wednesday as a revised U.S. growth forecast for 2010
by the Federal Reserve boosted optimism about an economic
recovery, with commodity stocks among the top gainers.
At 0906 GMT, the FTSEurofirst 300 <> index of top
European shares was up 0.6 percent at 1,022.29 points. The
benchmark has gained about 58 percent from its lifetime low of
March 9 and is up 23 percent year-to-date.
Data from Tuesday showed the U.S. economy grew at a
slower-than-expected pace in the third quarter, but the Federal
Reserve revised upwards its estimate for 2010, offsetting the
negative news. []
"Good macro news will always serve as a justification for a
rise in the markets," said Giuseppe-Guido Amato, strategist at
German brokerage Lang & Schwarz.
"But we all know the argument. The market is looking for
good news even though they may not be fundamentally justified. I
remain sceptical," he added.
Mining stocks were up, with the DJ Stoxx European Basic
Resources Index <.SXPP> rising 1.6 percent, supported by
stronger copper <MCU3>, aluminium <MAL3> and nickel <MNI3>.
BHP Billiton <BLT.L>, Anglo American <AAL.L>, Antofagasta
<ANTO.L>, Rio Tinto <RIO.L>, Xstrata <XTA.L> and Eurasian
Natural Resources <ENRC.L> rose 0.2 to 2.2 percent.
"At the moment, it's about owning commodities -- above all,
precious metals, but also oils," Amato added.
Oil and gas stocks added the most points to the index, as
crude oil <CLc1> rose 0.5 percent. BP <BP.L>, Petroplus
<PPHN.VX>, ENI <ENI.MI> and Statoil <STL.OL> were 0.3 to 0.6
percent higher.
BANKS ADVANCE
Banks also rose, with the DJ Stoxx banking index <.SX7P>
rising 0.3 percent. BNP Paribas <BNPP.PA>, Banco Santander
<SAN.MC>, Societe Generale <SOGN.PA> and UniCredit <CRDI.MI>
were up as much as 1.1 percent.
ING <ING.AS>, Europe's biggest insurance group by assets,
was 1.8 percent higher. Shareholders are expected to approve the
breakup of the Dutch bank and insurance group on Wednesday.
[]
But investors remained cautious after International Monetary
Fund chief Dominique Strauss-Kahn was quoted as saying on
Tuesday that half of the losses suffered by banks could still be
hidden in their balance sheets, more so in Europe than in the
United States. []
Germany moved to rescue stricken lender WestLB [] on
Tuesday by agreeing to pump in up to 4 billion euros ($6
billion) that could leave Berlin with a 49 percent stake in the
restructured bank. []
Investors await a slew of U.S. macroeconomic data Later in
the day including consumption, home sales and jobless claims.
"Against the backdrop of robust retail sales, one should
expect a strong plus (regarding private consumption)," analysts
at banking group Helaba wrote in a note.
"But today, initial jobless claims could be the decisive
element. If the positive trend continues ... it could strengthen
economic optimism."
Compass Group <CPG.L>, the world's biggest caterer, jumped
5.6 percent after it reported a 33 percent rise in full-year
pretax profit, at the top end of market expectations.
Across Europe, Britain's FTSE 100 <>, Germany's DAX
<> and France's CAC-40 <> were between 0.5 and 0.6
percent higher.
(Editing by David Holmes)
((christoph.steitz@thomsonreuters.com; +49 69 7565 1269;
Reuters Messaging:
christoph.steitz.thomsonreuters.com@reuters.net))
