* FTSEurofirst 300 up 0.7 pct, reverses previous day's slide
* Euro STOXX 50 up 0.9 pct, moves back above 50-day moving
* Credit Suisse, Danone drop after posting lower results
By Blaise Robinson
PARIS, April 16 European shares rose early on
Wednesday, reversing the previous session's losses as data
showed economic growth in China a touch above forecasts, while
gains in Tesco also lifted markets.
Shares in the world's No.3 retailer gained 3.9 percent,
bouncing after a 15 percent slide in two months as traders said
the fall in profits reported by the group was not as steep as
some had feared.
"Tesco this morning was not quite as bad as expected," said
Berkeley Futures associate director Richard Griffiths.
At 0750 GMT, the pan-European FTSEurofirst 300 index
was up by 0.7 percent at 1,316.50 points. Earlier this
month, the index hit a near six-year high, but the rally has
been stalled by worries over the crisis in Ukraine as well as
concerns about the pace of Chinese growth.
Data showed on Wednesday China's economy grew at its slowest
pace in 18 months in the first quarter, at 7.4 percent, though
the figure was slightly stronger than the median forecast of 7.3
percent in a Reuters poll.
After being hammered on Tuesday, shares in mining companies
- among the most sensitive to Chinese data - regained ground,
with both Anglo American and BHP Billiton up 0.4
Credit Suisse lost 2.7 percent after its
first-quarter net profit fell by more than a third as revenue
from bond trading tumbled, raising question marks over the
bank's investment banking strategy.
Danone fell 2.1 percent after posting a drop in
Around Europe, UK's FTSE 100 index was up 0.6
percent, Germany's DAX index up 0.8 percent and
France's CAC 40 up 0.8 percent.
The euro zone's blue-chip Euro STOXX 50 index
was up 0.9 percent to 3,118.05 points, moving back above its
50-day moving average, sending a positive technical signal.
"The range is pretty flat in the short term, but the
longer-term bullish momentum is intact, so people should take
advantage of the dip to buy," Aurel BGC chartist Gerard Sagnier
Europe bourses in 2014: link.reuters.com/pap87v
Asset performance in 2014: link.reuters.com/gap87v
Today's European research round-up
(additional reporting by Sudip Kar-Gupta in London; Editing by