European shares snap 7-day losing streak as Deutsche Bank surges

* FTSEurofirst 300 recovers after sharp fall

* Deutsche Bank climbs on FT report of bond buyback plan

* Investors look ahead to Yellen testimony for rate clues

* Unibet surges after results (Adds details, updates share prices)

By Sudip Kar-Gupta and Danilo Masoni

LONDON/MILAN, Feb 10 (Reuters) - European shares snapped a seven-day losing streak on Wednesday, helped by some solid corporate earnings and a recovery in Deutsche Bank from 30-year lows.

The pan-European FTSEurofirst 300 index, which had fallen 1.6 percent to its lowest point since September 2013 on Tuesday, was up 2.1 percent at 1,246.21 points.

The euro zone’s blue-chip Euro STOXX 50 index also gained 2.6 percent.

Deutsche Bank also climbed 12.8 percent after the Financial Times reported it was considering buying back several billion euros of its debt in an attempt to shore up the tumbling value of its securities.

Investors said this was bringing back some calm to the banking sector, though the euro zone’s banking index is still facing its seventh consecutive week of declines - its worst weekly losing streak since 1998 - as investors fret over the threat to banks’ profitability and capital strength from compressed interest rate margins.

“The rebound in Deutsche Bank is helping to reassure some investors who had been concerned about possible contagion in the banking sector,” said Francois Savary, chief investment officer at Geneva-based Prime Partners.

Federal Reserce chair Janet Yellen was to speak later.

Recent weak U.S. macro data has slashed expectations of more interest rate hikes, weighing on the dollar, which in turn has contributed to losses among export-oriented European shares.

“Traders expect that Yellen will reiterate confidence in the U.S. economy but at the same time make clear that there is no rush raising rates without waiting for more economic data,” said City of London Markets trader Markus Huber.

Shares in gambling group Unibet surged 7.4 percent after it’s fourth quarter underlying profit rose more than expected.

Norwegian mobile software company Opera jumped 38 percent after a group of Chinese firms made a cash offer, valuing it at 10.5 billion crowns, or $1.23 billion.

However, shares in Danish shipping and oil group A.P. Moller-Maersk slumped 3.8 percent after it reported a fourth-quarter net loss after booking impairments of $2.6 billion on its oil assets.

According to Thomson Reuters StarMine data, roughly half of the companies in the pan-European STOXX 600 index have reported fourth quarter results, and 52 percent have beaten or met expectations while 48 percent have missed.

The FTSEurofirst remains down 14 percent in 2016, with markets such as the German DAX and British FTSE 100 roughly 20 percent below last year’s record highs.

Today’s European research round-up (Editing by Andrew Heavens)