European shares advance for fourth day, data eyed
* FTSEurofirst 300 up 0.5 percent
* Euro zone industrial output, German ZEW eyed
* E.ON gains after Q2 beats expectations
By Tricia Wright
LONDON, Aug 13 (Reuters) - European shares rose on Tuesday, climbing for a fourth straight session, on expectations of robust European data which could see equity markets flirt with their highs of the year.
The FTSEurofirst 300 was up 0.5 percent at 1,235.85 by 0737 GMT, its highest level since late May and within sight of its 2013 peak of 1,258.09. The euro zone's blue-chip Euro STOXX 50 was also up 0.5 percent, at 2,841.41.
Euro zone industrial output data for June is likely to have risen 0.8 percent from the previous month, while Germany's ZEW economic sentiment index for August is forecast at 40.0, from 36.3 previously. The numbers are due at 0900 GMT.
"Good numbers might push us above the May 2013 highs but at that level the market becomes a sell for me," said Lex van Dam, hedge fund manager at Hampstead Capital, which manages around $500 million in assets.
Some traders were particularly focused on the ZEW, which precedes German second-quarter GDP data on Wednesday and could help confirm the euro zone's powerhouse economy is stabilising after narrowly avoiding a recession early this year.
"There's been a lot of speculation (that) German GDP numbers out later this week ... could be much better than expected. The ZEW survey should give a good indication of what sort of a start Q3 is getting off to," said Michael Hewson, market analyst at CMC Markets.
Germany utility E.ON was among the top risers on Tuesday, advancing 4 percent after its second-quarter results came in ahead of forecasts.
The Euro STOXX 50 rose 0.5 percent last week, notching its fifth consecutive weekly gain. The index, which has jumped some 14 percent since late June, is trading within sight of a two-year intra-day high of 2,851 reached in late May.
"The V-shaped recovery from the sell-off that started late May through to end of June suggests the STOXX 50 index has got more legs to the upside," GFT Markets technical analyst Fawad Razaqzada said.
"That said, I do expect to see some profit-taking around the 2,850 area."