* FTSEurofirst 300 up 0.3 pct, Euro STOXX 50 up 0.4 pct
* Philips rises on spin-off hopes
* Euro zone inflation figures eyed
By Blaise Robinson
PARIS, June 30 European shares inched higher on
Monday in the last session of the quarter, as investors bet that
a raft of U.S. and European macroeconomic data this week will
soothe worries over the pace of economic growth.
Among standout gainers, shares in Dutch conglomerate Philips
gained 3.5 percent after saying it will merge its
Lumileds LED components and automotive lighting divisions into a
standalone subsidiary which could potentially be spun off.
Elsewhere, shares in Danish wind turbine manufacturer Vestas
Wind Systems surged 5.4 percent after the firm said it
has won two big U.S. turbine orders.
By 0746 GMT, the FTSEurofirst 300 index of top
European shares was up 0.3 percent at 1,374.60 points, clawing
back some of its 1.7 percent loss last week.
The euro zone's blue-chip Euro STOXX 50 index
gained 0.4 percent to 3,241.65 points, bouncing off a support
level tested last week, the index's 50-day moving average.
"A lot of investors have been waiting for a pull-back to
increase their exposure to equities, so we're seeing a nice
rebound this morning following last week's dip," Saxo Bank
trader Pierre Martin said.
"Many indexes tested support levels last week, and the fact
that they were not broken is sending a positive signal."
Investors will focus on Monday on euro zone inflation data
for June, due at 0900 GMT, which should show inflation stuck at
0.5 percent, the ninth consecutive month in the ECB's "danger
zone" of below 1 percent.
European stocks have risen sharply since mid-March, boosted
by expectations of support from new stimulus measures from the
European Central Bank (ECB), but retreated last week after
downbeat U.S. growth data and worries over violence in Iraq.
Last week was also marked by investment outflows, with
European equity funds seeing redemptions of $1.6 billion, their
biggest outflows in over a year, according to data from BofA
Merrill Lynch Global Research.
But despite the week's pull-back, investors remain positive
on the longer-term. A Reuters poll released last week showed
that investors are bullish on the outlook for European shares in
the second half of the year, betting on them extending their
rally, helped by the ECB's stimulus measures.
Around Europe on Monday, UK's FTSE 100 index was up
0.3 percent, Germany's DAX index up 0.6 percent, and
France's CAC 40 up 0.2 percent.
Europe bourses in 2014: link.reuters.com/pap87v
Asset performance in 2014: link.reuters.com/gap87v
Today's European research round-up
(Editing by Louise Ireland)