European shares higher as financials, miners gain
* FTSEurofirst 300 .FTEU3 index rises 0.8 pct
* Financials gain after ING, Credit Agricole results
* For the latest stocks news click on [STXNEWS/EU]
By Joanne Frearson
LONDON, Nov 11 (Reuters) - European shares were higher at midday on Wednesday, led by financials after results from French bank Credit Agricole (CAGR.PA) and Dutch bancassurer ING Groep (ING.AS).
By 1138 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 0.8 percent at 1,018.61 points after earlier touching a three-week high of 1,022.70.
The index is up nearly 58 percent since reaching a record low in early March and has gained 22 percent for the year.
"There are signs of gradual economic rival coupled with low levels of inflation. It is just a favourable environment for risky assets and risk taking," said Jeremy Batstone-Carr, head of research at Charles Stanley.
However he was cautious on the outlook for the equity market.
"Although it might be giving the impression that all is well, in actual fact it may be driven by stimulus measures which are ultimately unsustainable," he said.
On the downside, Reed (REL.L) fell 5.5 percent after it announced the resignation of Chief Executive Ian Smith, after just eight months in the job, and warned that 2010 operating margins were likely to be modestly reduced. [ID:nLB114697]
Banks added the most points to the index. Credit Agricole jumped 5.5 percent after its third-quarter net profit fell less than analysts had expected. [ID:nLB137720]
HSBC (HSBA.L), Banco Santander (SAN.MC) and BNP Paribas (BNPP.PA) were up 1.3 to 1.8 percent.
Across Europe, the FTSE 100 .FTSE index was up 1.1 percent, Germany's DAX .GDAXI gained 1.4 percent and France's CAC 40 .FCHI was 1.2 percent higher.
