CORRECTED - ECB rate rise concerns drag Europe shares lower

                                
 (Corrects paragraph 11 to make clear share price at official
close was down by over 6 percent, not 1.2 percent, and updates
story link)
                                
 
                                
 * FTSEurofirst 300 index falls 0.6 pct
                                
 * Miners slip on Chinese demand concerns
                                
 * Geberit slumps 7 pct as Q4 sales miss forecasts
By Joanne Frearson
                                
 LONDON, Jan 13 (Reuters) - European shares fell on Thursday
from the previous session's 28-month highs on concern euro zone
inflation pressures could spark a rise in interest rates, while
miners were hit by a waning outlook for Chinese copper demand.
                                
 The pan-European FTSEurofirst 300 <.FTEU3> index of top
shares was 0.6 percent lower at 1,157.34 points after jumping
1.5 percent on Wednesday.
                                
 "The market has been falling since Trichet's comment about
upward pressures on inflation. Maybe it surprised some traders,"
Koen De Leus, strategist at KBC Securities Bolero in Brussels,
said.
                                
 Trichet said the euro zone economy faces short-term
inflationary pressures, which increased expectations the ECB may
raise interest rates. [ID:nLDE70C118]
                                
 "We are now anticipating a first interest rate increase in
the final quarter of 2011," De Leus said.
                                
 Euribor futures <0#FEI:> fell across the 2011-12 curve,
implying a rise in interest rate expectations. [ID:nLDE70C1O5]
                                
 However the ECB left rates at a record-low 1 percent on
Thursday, a level President Jean-Claude Trichet deemed "still
appropriate".
                                
 Miners slipped, tracking copper <MCU3=LX> prices lower on
concerns demand may wane as the Chinese New Year, at the
beginning of February, approaches. Antofagasta <ANTO.L>, BHP
Billiton <BLT.L> and Xstrata <XTA.L> fell by between 1.1 and 2
percent.
                                
 In earnings news, Tesco <TSCO.L> lost 4.3 percent after the
world's third-biggest retailer missed Christmas sales forecasts
as purchases of non-food goods were hit by severe weather.
[ID:nLDE70B1E4]
                                
 Swiss sanitary equipment maker Geberit <GEBN.VX> dropped 7
percent after fourth-quarter sales missed market expectations.
[ID:nLDE70C062]
                                
 Steel tubemaker Tenaris <TENR.MI> was down by over 6 percent
by the official close amid talk it was guiding lower on
fourth-quarter EBITDA, a view later confirmed by analysts.
[ID:nLDE70C27A]
                                
 
                                
 BOOST FOR PERIPHERALS
                                
 Successful bond auctions in Spain and Italy improved
sentiment towards euro zone issuers struggling with debt a day
after the Portuguese auction drew healthy demand.
                                
 Spain's IBEX 35 <.IBEX> rose 2.7 percent, Portugal's PSI 20
<.PSI20> was 0.4 percent higher and Italy's benchmark <.FTMIB>
was up 0.9 percent.
                                
 "The (Spanish) figures look really good, it's the perfect
sequel to the Portugal auction. There's a substantially higher
bid/cover ratio than November," Michael Leister, strategist at
WestLB in Dusseldorf, said.
                                
 Banking stocks, hit by the sovereign debt crisis, were in
demand. Spain's Banco Santander <SAN.MC> and BBVA <BBVA.MC>
gained 4.8 percent and 6.3 percent respectively after the
auction. [ID:nL3E7CD08W]
                                
 Across Europe, the FTSE 100 <.FTSE> index was down 0.4
percent, Germany's DAX <.GDAXI> was 0.1 percent higher and
France's CAC 40 <.FCHI> was up 0.8 percent.
                                
(Editing by David Hulmes)