* FTSEurofirst 300 gains 0.2 pct
* Banks add most points, boosted by Societe Generale
* Miners weigh; Deutsche Boerse down after weak Q2
* For up-to-the-minute market news, click on []
By Christoph Steitz
FRANKFURT, Aug 5 (Reuters) - European shares inched higher
on Wednesday, with banks boosted by results from Societe
Generale <.SOGN.PA> while mining stocks weighed as investors
looked ahead to key U.S. data later in the day.
At 0832 GMT, the FTSEurofirst 300 <> index of top
European shares was 0.2 percent higher at 941.20 points. The
index, which plunged 45 percent in 2008, is up 46 percent since
falling to a lifetime low in early March.
"The market continues to be in a phase of cooling down a bit
and the clear focus today will be on macroeconomic data in the
United States later in the day," said Commerzbank's chief
strategist, Hans-Juergen Delp.
"As we have seen yesterday, company earnings only seem to
play a vital role when they massively exceed or miss
expectations."
French Bank Societe Generale <SOGN.PA> gained 5.4 percent
after the lender's second-quarter profits beat expectations.
[]. Banks added most points to the index and the DJ
STOXX European Banks Index <.SX7P> was 1.1 percent higher.
Shares in Allied Irish Bank <ALBK.I> rose 6.1 percent after
investors chose to focus on an operational performance broadly
in line with expectations instead of a 2.37 billion euros charge
for impairment loans. []
The DJ STOXX European Insurers Index <.SXIP> was up 0.7
percent. AXA <AXAF.PA> rose 3.9 percent after Europe's
second-biggest insurer by market capitalisation posted a
smaller-than-expected decline in first-half earnings.
[]
MINERS DOWN, DEUTSCHE BOERSE FALLS
Mining stocks fell and the DJ STOXX European Basic Resources
Index <.SXPP> was the top sectoral decliner, down 1.3 percent.
BHP Billiton, the world's third largest iron ore miner, fell
2.3 percent. The company said Chinese iron ore stockpiles were
receding to more normal levels. []
Anglo American <AAL.L>, Antofagasta <ANTO.L> and Rio Tinto
<RIO.L> were down 1.2-2.9 percent.
Shares in German stock and derivatives market operator
Deutsche Boerse <DB1Gn.DE> fell 6.3 percent after the company
late on Tuesday reported a 34 percent fall in second-quarter
operating profit, missing market expectations.
"Cost guidance was confirmed, which is negative taking the
weak environment into consideration. July trading figures
released on Monday showed a continuation of low activity on
Xetra and the lowest number of traded contracts for Eurex this
year," said DZ Bank analyst Matthias Duerr.
Later in the session, investors will focus on durable goods
numbers and July ISM data in the United States.
"Should the U.S. ISM non-manufacturing index climb to 49
like its manufacturing counterpart, it would probably foster
expectations that the U.S. recession is coming to an end,"
Commerzbank wrote in a note.
In Europe, the deep recession in the services economy eased
in July, but there was a significant divergence among euro zone
countries and employment conditions worsened, a survey showed.
Across Europe, UK's FTSE 100 index <> was 0.3 percent
lower, Germany's DAX was down 0.2 percent and France's CAC 40
<> was 0.4 percent higher.
(Additional reporting by Carmel Crimmins in Dublin; editing
by John Stonestreet))
