* FTSEurofirst 300 closes 0.4 pct higher
* Index up 2.7 pct on the week
* Richemont rises after earnings
* HSBC advances on dividend hike hopes
By Brian Gorman
LONDON, Nov 13 (Reuters) - European stocks closed higher on
Friday, as upbeat earnings news from companies such as luxury
goods provider Richemont <CFR.VX> more than outweighed
weaker-than-expected U.S. consumer sentiment data.
The FTSEurofirst 300 <> index of top European shares
rose 0.4 percent to 1,019.41 points, its highest close since Oct
21, and just 0.7 percent short of a 13-month closing high.
Over the week, the index rose 2.7 percent and is up more
than 57 percent from the all-time low of March 9, as investors
have seen several major economies emerge from recession.
But the market had to contend with some downbeat macro data
on Friday.
U.S. consumer sentiment fell in early November to the weakest
in three months amid grim expectations for job and income
prospects, according to the Reuters/University of Michigan
Surveys of Consumers, which said its preliminary index of
sentiment for November fell to 66.0, the lowest since August,
from 70.6 in October. []
"I thought the market would respond more negatively to the
U.S. consumer data," said Heino Ruland, strategist at Ruland
Research, in Frankfurt.
"It goes to show that people are convinced that the Federal
Reserve will continue with accommodative, if not expansionary,
monetary policy. Sometimes Asian markets react more to this sort
of data the following Monday, as they rely more on the U.S.
consumer."
Corporate news helped to boost stocks.
Richemont, which posted forecast-beating results, indicating
the watch industry could be set for recovery, surged 5.6
percent. Swatch Group <UHR.VX>, which also makes watches, rose
2.7 percent.
Italian jeweller Bulgari <BULG.MI> added 5 percent after
saying it returned to a net profit in the third quarter.
Wall Street was higher around the time European bourses were
closing. Companies' results boosted sentiment including those at
Walt Disney <DIS.N>, which rose 4.4 percent, after its cable
business helped to offset weakness in its film studio.
The Dow Jones <>, S&P 500 <.SPX> and Nasdaq Composite
<> were up between 0.5 and 0.7 percent.
HSBC rises
Index heavyweight HSBC <HSBA.L> rose 1.2 percent on hopes
Europe's biggest bank would pay a higher-than-expected dividend,
traders said.
But Natixis <CNAT.PA> tumbled 4.8 percent after the French
investment bank's quarterly profit missed forecasts.
Most energy companies closed higher. On Friday morning,
crude futures <CLc1> sank below $76 a barrel, their lowest in a
month, but recovered to more than $76.55 later.
Total <TOTF.PA>, BP <BP.L> and BG <BG.L> rose between 0.5
and 2.1 percent.
Across Europe, Britain's FTSE 100 <> closed 0.4 percent
higher, Germany's DAX <> rose 0.4 percent and France's
CAC-40 <> fell 0.1 percent.
Europe's economic recovery gained traction when Germany and
France reported further growth in the third quarter on Friday
and Italy's economy started to grow too, lifting the euro zone
and wider European Union out of recession. []
(Editing by Simon Jessop)
