LONDON, Aug 13 European shares were set to rise for a fourth straight session on Tuesday, tracking gains in Asia, on expectations that more U.S. and European data will show a quickening in the pace of economic recovery. The euro zone's 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. In the United States, retail sales data for July will be released at 1230 GMT. Economists expect a 0.3 percent rise, compared with a 0.4 percent gain in June. Excluding autos, sales are seen up 0.4 percent, versus an unchanged reading in June. "With the U.S., European and UK economies all strengthening, the outlook for European equities remains excellent," Daniel McCormack, strategist with Macquarie, said, adding investors will also focus on company earnings for near-term direction. "After roughly three years of steady earnings erosion, we think we will see earnings upgrades for Europe later in 2013 and earnings in 2014 are likely to grow." The second-quarter reporting season is drawing to a close, with nearly four-fifths of the STOXX Europe 600 companies which have already announced results, of which 56 have met or beaten forecasts. On Tuesday, Germany's top utility E.ON posted a 15 percent drop in first-half core earnings, hurt by plunging wholesale power prices and a boom in renewables, while German potash maker K+S reported its second-quarter adjusted earnings before interest and tax fell 25.7 percent to 162.6 million euros. European shares were expected to trade near their recent 2-1/2-month highs on Tuesday. At 0623 GMT, futures for the Euro STOXX 50, Britain's FTSE 100, Germany's DAX and France's CAC were 0.3 to 0.5 percent higher. In Asia, The MSCI Asia-Pacific ex-Japan rose 1.2 percent, while Japan's Nikkei was up 2.6 percent after a report said Prime Minister Shinzo Abe was considering a corporate tax cut to help offset the impact of a planned two-stage increase in the sales tax. In the bonds market, German Bund futures opened 33 ticks lower at 141.90 on expectations that upcoming data will show an improvement in the euro zone's economic outlook. -------------------------------------------------------------------------------- MARKET SNAPSHOT AT 0622 GMT LAST PCT CHG NET CHG S&P 500 1,689.47 -0.12 % -1.95 NIKKEI 13,867.00 2.57 % 347.57 MSCI ASIA EX-JP 523.81 1.19 % 6.18 EUR/USD 1.331 0.09 % 0.0012 USD/JPY 97.41 0.54 % 0.5200 10-YR US TSY YLD 2.632 -- 0.01 10-YR BUND YLD 1.726 -- 0.02 SPOT GOLD $1,334.74 -0.08 % -$1.05 US CRUDE $106.36 0.24 % 0.25 > Japan shares rise, yen slips on tax report; gold near 3-wk high > Dow, S&P 500 end lower; Nasdaq lifted by BlackBerry, Apple > Nikkei rises 2 pct led by exporters, corporate tax cut report > U.S. bonds fall in light trade, data in focus > Dollar edges up ahead of data, yen falters on corporate tax cut report > Gold eases after sharp jump, still near 3-week high > London copper near 2-mth high on China growth prospects > Brent steady under $109, eye on Libya and U.S. data COMPANY NEWS E.ON Germany's top utility E.ON EONGn.DE posted a 15 percent drop in first-half core earnings, hurt by plunging wholesale power prices and a boom in renewables that has pushed many of its power plants into the red. K+S The German potash miner reported its second-quarter adjusted earnings before interest and tax fell 25.7 percent to 162.6 million euros, in line with a Reuters poll estimate of 165 million euros. GLAXOSMITHKLINE The U.S. Food and Drug Administration approved Tivicay, GlaxoSmithKline'S drug targeted at HIV-1, the most common strain of the virus that causes AIDS. LVMH Barring bad weather in the next two months, France's champagne production is forecast to jump by 56 percent this year, a bright spot in an otherwise rough period for wine growers. The northern French region produces champagne for LVMH and also Laurent-Perrier, Vranken Pommery and Pernod Ricard . GLENCORE XSTRATA The U.S. commodities market regulator has subpoenaed at least two metals warehousing firms, including Glencore, seeking documents and communications from the last three years as an inquiry into complaints about inflated metals prices gathers steam. A Glencore Xstrata unit will eliminate as many as 920 jobs and cut the budget for its delayed $5.9 billion Tampakan copper-gold mine project in southern Philippines because it could not guarantee the start of production by 2019. BAE SYSTEMS Britain's BAE Systems is gearing up for strong growth in commercial and international orders for its wide range of electronic systems, and expects that to help offset declining military spending in the United States and Europe. THYSSENKRUPP German steelmaker ThyssenKrupp may end up not selling its loss-making Brazilian steel mill, the Wall Street Journal reported on Monday, citing people familiar with the negotiations. LEONI German automotive parts supplier Leoni raised its full-year revenue target slightly after reporting quarterly turnover breached the 1-billion-euro mark ($1.33 billion) for the first time ever. G4S Takeover talk sparked by activist European hedge fund Cevian Capital disclosing a 5.1 percent stake in the security firm helped lift company's shares on Monday, according to various newspaper market reports. OMV Austrian oil and gas group OMV reported a steeper-than-expected drop in second-quarter underlying profits on Tuesday on lower sales volumes and crude prices, a weak dollar and write-offs.