* FTSEurofirst 300 index closes up 1.3 percent
* Banks gain as debt fears ease; Greece receives EU funds
* British Land gains as beats forecasts; NAV rises
* For up-to-the minute market news, click on []
By Joanne Frearson
LONDON, May 18 (Reuters) - European shares rose on Tuesday,
snapping two consecutive days of falls as sovereign debt fears
waned after Greece received funds from the European Union to
repay its immediate debt.
Banks featured among the best performers with Banco
Santander <SAN.MC>, BNP Paribas <BNPP.PA>, UBS <UBSN.VX> and
Societe Generale <SOGN.PA> up 2.1 percent to 6.1 percent.
The pan-European FTSEurofirst 300 <> index of top
shares closed up 1.34 percent at 1,026.64 points, but was still
down 1.8 percent for the year.
Greece received a 14.5 billion euro ($18 billion) loan from
the European Union on Tuesday to repay its immediate debt.
"It is time for a rebound in the absence of any bad news,"
said Giuseppe-Guido Amato, strategist at Lang & Schwarz in
Frankfurt. "But it's wait and see on what the final decision
will be on the rescue package."
Sentiment was lifted earlier on in the session after euro
zone finance ministers said late Monday they were hatching out
the details of the 750 billion euro rescue plan designed to calm
market fears of a wave of Greek-style debt crises.
Energy stocks were lifted as crude prices <CLc1> recovered
from a five-month low. BP <BP.L>, BG Group <BG.L>, Royal Dutch
Shell <RDSa.L> and Total <TOTF.PA> gained 0.8 percent to 2.1
percent.
BRITISH LAND GAINS
British Land <BLND.L> gained 4.3 percent after the property
group beat forecasts and posted its first full-year net asset
value rise since 2007. []
ICAP <IAP.L> rose 5 percent after Panmure Gordon upgraded
its recommendation and estimates on the world's biggest
inter-dealer broker ahead of full-year results due on Wednesday.
Hedge-fund firm Man Group <EMG.L> soared 9.1 percent
recovering some of the deep losses sustained on Monday after it
announced it had agreed to buy rival GLG Partners <GLG.N>.
On the downside, Prudential <PRU.L> dipped 0.8 percent after
the insurer's $21 billion cash call and charm offensive to put
its takeover of AIG's <AIG.N> Asian unit back on track got a
mixed response from the market.
Across Europe, the FTSE 100 <> index rose 0.9 percent,
Germany's DAX <> gained 1.5 percent and France's CAC 40
<> was up 2.1 percent.
Euro zone inflation rose year-on-year as expected in April,
and British consumer prices unexpectedly jumped to a 17-month
high on rises in tax on alcohol and tobacco, and higher prices
for food and women's clothing.
ZEW economist Michael Schroeder said the euro zone rescue
package would weigh on medium-term growth in Germany as budget
cuts reduced demand.
Earlier, the ZEW Institute reported that its May German
economic sentiment index fell more than expected in May.
[]
(Reporting by Joanne Frearson; editing by Elaine Hardcastle)
