Europe stocks recover from 5-week low; techs rise

PARIS, June 24 (Reuters) - European stocks rose in early trade on Wednesday, halting a steep two-day slide that had dragged the shares to their lowest level in nearly six weeks, with Oracle's (ORCL.O) forecast-beating results boosting techs. Heavyweight mining and energy shares were on the upside, with Anglo American (AAL.L) up 3 percent and BP (BP.L) up 0.6 percent. At 0715 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.2 percent at 835.51 points. The index had lost 3.2 percent in the previous two sessions.

"We're seeing a bounce, helped in part by by Oracle's results that were not as bad as they could have been," said Edmund Shing, strategist at BNP Paribas.

SAP AAPG.DE added 1.3 percent, Capgemini (CAPP.PA) gained 1.1 percent and Infineon (IFXGn.DE) rose 2.5 percent.

"But it doesn't change the broad picture: the market is still oriented to the downside. People are cautious on the macro side, with data today showing that Japanese exports are still poor, and the global recovery isn't yet in place," Shing said.

Data showed Japan's exports continued to drop in May, further evidence that the turnaround in the world economy some investors have been betting on is still some distance off. [ID:nSP467098]

Investors were also bracing for the U.S. Federal Reserve's interest rate decision and statement due on Wednesday.

The Fed is seen keeping its benchmark short-term interest rate near zero, but investors' attention will be on whether the Fed might expand a $300 billion programme of Treasury purchases, and signal how it might curtail its easy-money policy as the recession is abating.

Investors will also keep an eye on U.S. new home sales data, looking for further insight on the health of the battered housing market. (Reporting by Blaise Robinson)