* FTSEurofirst 300 rises 2.5 percent
* 37 out of 38 sectors of index rise
* Miners surge on higher metals prices
By Brian Gorman
LONDON, Nov 14 (Reuters) - European shares rebounded early
on Friday, led by banks, miners and oils, after a late surge on
Thursday in the United States where investors saw bargains in
stocks that had fallen to five-year lows.
At 0940 GMT the FTSEurofirst 300 <> index of top
European shares was up 2.5 percent at 874.06 points. But the
benchmark is down 4.4 percent this week and has lost more than
41 percent so far this year, hit by worries that the banking
crisis will result in a deep global recession.
The Dow Jones <>, S&P 500 <.SPX> and Nasdaq Composite
<> all rose between 6.5 and 6.9 percent on Thursday.
"There will be a bit of support today after the rally in the
U.S., but there was no new information to drive this, other than
the oil majors leading it up after oil prices rose," said
Bernard McAlinden, investment strategist at NCB Stockbrokers.
"Valuations are low, but everybody knows that already. There's
huge volatility."
All but one of the 38 sectors of the FTSEurofirst 300 rose,
but miners saw some of the sharpest advances, as the price of
copper <MCU3=LX> and other metals picked up.
BHP Billiton <BLT.L>, Anglo American <AAL.L>, Lonmin
<LMI.L>, Kazakhmys <KAZ.L>, Xstrata <XTA.L>, Antofagasta
<ANTO.L> and Rio Tinto <RIO.L> rose 4.3-9.2 percent.
Oils rose, after crude prices <CLc1> surged late on
Thursday, though they slipped more than 1 percent to $57.47 a
barrel on Friday.
Total <TOTF.PA>, ENI <ENI.MI>, BP <BP.L>, Royal Dutch Shell
<RDSa.L>, Statoil <STL.OL>, BG <BG.L> rose 3.9 to 6 percent.
EADS <EAD.PA> SURGES
EADS <EAD.PA> rose 5.4 percent after the aerospace group said
it would exceed its full-year profit target as it posted
third-quarter results above expectations.
Spain's Telefonica <TEF.MC> was up 3.7 percent despite
reporting a 28.7 percent fall in net profit.
Among banks, Credit Agricole <CAGR.PA>, France's biggest
retail bank, rose 7.2 percent after third-quarter net profit,
reported late on Thursday, fell less than forecast.
Banco Santander <SAN.MC>, Deutsche Bank <DBGKn.DE>, Standard
Chartered Bank <STAN.L>, and UBS <UBS.AG> rose between 3 and 8.6
percent.
But Dexia <DEXI.PA> fell 9.5 percent after posting a
quarterly loss of 1.544 billion euros. It said it had agreed to
sell its FSA insurance business to Assured Guaranty <AGO.N>.
Luxury goods provider Richemont <CFR.VX> was up 3.2 percent
after first-half net profit rose 11 percent.
Oil industry tube manufacturer Vallourec <VLLP.PA> rose 11
percent, the strongest gainer in the FTSEurofirst 300, after
the company raised its full-year targets and posting a 7.6
percent increase in third-quarter sales that slightly beat
analysts' expectations.
G20 leaders headed to Washington on Friday for a summit
aimed at seeking solutions to the world's biggest financial
crisis in decades.
Official growth figures due on Friday are expected to
confirm that the 15-country euro zone is in the first recession
of the European Central Bank's 10-year history, a day after
Germany said it was in recession. []
However, France has escaped recession for the time being, as
its economy grew 0.1 percent in the third quarter.
Eurozone inflation numbers are also due at 1000 GMT.
Across Europe, Britain's FTSE 100 <>, Germany's DAX
<> and France's CAC-40 <> rose between 3.5 and 3.9
percent.
(Additional reporting by Atul Prakash; Editing by Greg
Mahlich)
