Chinese trade data helps get European stock rally back on track
* FTSEurofirst 300 up 0.2 pct, Euro STOXX 50 up 0.3 pct
* Euro STOXX 50 less than 2 pct from hitting mid-2011 level
* Nestle is top blue-chip faller after trimming outlook
* Deutsche Telekom up 5 pct on strong U.S. growth
PARIS, Aug 8 (Reuters) - European stocks rose on Thursday, resuming a six-week rally after a two-day dip as positive Chinese trade data boosted mining shares while Deutsche Telekom surged on strong U.S. results. At 1021 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,219.99 points, having lost 0.6 percent in the past two sessions. The index has risen nearly 10 percent since late June. The euro zone's blue-chip Euro STOXX 50 index was up 0.3 percent at 2,803.46 points, less than 2 percent below a 2013 high of 2,851.48 points hit in May, above which the index would trade at mid-2011 levels. In a mixed day for corporate results, the world's biggest food group Nestle fell 2.1 percent after it missed first-half sales forecasts and trimmed its 2013 target.
Germany's Commerzbank jumped 11.5 percent after better-than-expected earnings from its investment bank arm eased investors worries about the lender's outlook. "For Commerzbank, every little bright spot is met with relief," a Frankfurt-based trader said. World No. 1 staffing firm Adecco climbed 3.3 percent after second-quarter profits beat expectations and it said European labour markets had reached a turning point. Dutch rival Randstad gained 1.4 percent. So far in Europe's earnings season, 56 percent of STOXX Europe 600 firms have met or beaten profit forecasts, according to Thomson Reuters StarMine data, a relatively good score though below Wall Street's 72 percent of S&P 500 companies. "Company results have been quite good, which backs up this year's rally, but now things are a bit shaky given the strong gains we've just had, and people will soon be looking for an excuse to book profits," said David Thebault, head of quantitative sales trading, at Global Equities. "The spark could come from disappointing macro data or some geopolitical risk back in headlines such as the situation in Yemen, although the turbulence would be short lived. We're keeping our long positions, but we're buying some put spreads now as a protection." Heavyweight mining shares featured among the top gainers, with Anglo American up 3.6 percent and BHP Billiton up 2.3 percent after exports and imports in China - the world's biggest metals consumer - beat expectations in July. "I think that the fears about China have been exaggerated, and there are quite good opportunities among beaten-down miners, even if it's just for a short-term technical bounce," a Paris-based equity and exchange-traded fund (ETF) trader said. The STOXX Europe 600 basic resources sector index is down 21 percent this year, by far the worst sector performance and lagging the FTSEurofirst 300, which is up 7.6 percent.