* FTSEurofirst 300 rises 0.2 percent
* Financials, energy shares among top gainers
* Miners come under pressure on demand concerns
* For up-to-the-minute market news, click on []
By Atul Prakash
LONDON, Aug 21 (Reuters) - European equities edged higher in
choppy trading on Friday, with positive financial and energy
stocks outpacing weaker mining shares, which came under pressure
on concerns about global demand for metals.
At 0839 GMT, the FTSEurofirst 300 <> index of top
European shares was up 0.2 percent at 946.66 points after
hitting an intraday low of 941.64. The index, which slumped 45
percent in 2008, is still up 13 percent this year and has jumped
46 percent since a record low in March.
Banks were among top gainers, with Standard Chartered
<STAN.L>, HSBC <HSBA.L>, Lloyds <LLOY.L>, Royal Bank of Scotland
<RBS.L> and BNP Paribas <BNPP.PA> rising 0.3-1.1 percent.
"We have had a rally of around 50 percent, so profit taking
is quite normal. But overall market sentiment is positive and
momentum is good. Just keep an eye on China," said Koen De Leus,
economist at KBC Securities.
"The most decisive thing now is the Chinese stock market.
And as long as the Chinese market holds up, the risky assets
will hold as well," he added.
China has been a big worry for investors, registering large
losses that have seen the Shanghai Composite Index <> swing
wildly and even drop into bear market territory, 20 percent
below its recent peak.
But the index gained 4.5 percent on Thursday for its second
largest gain this year and rose 1.7 percent on Friday.
Energy shares were generally higher, with BP <BP.L>, Royal
Dutch Shell <RDSa.L>, Repsol <REP.MC>, Total <TOTF.PA> and
StatoilHydro <STL.OL> gaining 0.1-0.8 percent.
But miners came under pressure after BHP Billiton <BLT.L>,
the world's largest miner, said it did not expect to see "clean
demand" for the global metals sector until early 2010 as a
global slowdown bites. []
BHP Billiton fell 0.7 percent, while Antofagasta <ANTO.L>,
Rio Tinto <RIO.L> and Eurasian Natural Resources <ENRC.L> fell
0.1-0.5 percent.
Automakers were also lower after the U.S. Transportation
Department said on Thursday the popular "cash-for-clunkers"
programme that gives rebates for new car buyers trading in less
fuel-efficient vehicles will end on Monday. []
BMW <BMWG.DE>, Peugeot <PEUP.PA>, Renault <RENA.PA> and Fiat
<FIA.MI> were down 0.1-1.1 percent.
Investors ignored losses posted by the world's biggest
container shipping group A.P. Moller-Maersk <MAERSKb.CO>,
sending its shares about 5 percent higher. Maersk made a
deeper-than-expected first-half loss as freight rates, volumes
and oil prices fell, but its CEO did see some improvement in the
world economy that would work its way through to the company's
results. []
Swiss drugs industry supplier Lonza <LONN.VX> fell 5.3
percent. It bid $3.55 per share for Canadian rival Patheon
<PTI.TO>, offering a potential windfall to majority shareholder
JLL, which bid just $2.00 per share for the firm last December.
[]
In economic news, French private sector activity expanded
for the first time in 15 months in August, a survey of
purchasing managers showed on Friday, in a hopeful sign for
third-quarter economic growth. []
Across Europe, Britain's FTSE 100 index <>, Germany's
DAX <> and France's CAC 40 <> rose 0.2-0.3 percent.
