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European shares rise early, miners advance

FRANKFURT, Nov 25 (Reuters) – European shares rose early on Wednesday after losses in the previous session, as a revised U.S. growth forecast for 2010 by the Federal Reserve boosted stocks, with miners featuring among the top gainers.

At 0819 GMT, the FTS Euro first 300 .FTEU3 index of top European shares was up 1 percent at 1,026.78 points.

The benchmark is still up about 59 percent from its lifetime low of March 9, and has gained 23.3 percent year-to-date.

Data from Tuesday showed that the U.S. economy grew at a slower-than-expected pace in the third quarter, but the Federal Reserve revised upwards its growth estimate for 2010, offsetting the negative news. [ID:nN24317144]

“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. Mining stocks were up, with the DJ STOXX European Basic Resources Index .SXPP as the main sectoral gainer, while Anglo American (AAL.L) and BHP Billiton (BLT.L) were up 2.6 percent and 2.1 percent respectively.

Later in the day, investors await a slew of U.S. macroeconomic data, including consumption, home sales and jobless claims.

Across Europe, Britain’s FTSE 100 .FTSE, Germany’s DAX .GDAXI and France’s CAC-40 .FCHI were higher between 0.7 and 0.9 percent.