Miners boost European shares as China data reassures
* FTSEurofirst 300 up 0.1 percent
* Miners lead market higher, up 1.3 percent
* KPN shares jump 17 pct on America Movil offer
LONDON, Aug 9 (Reuters) - European shares rose on Friday, buoyed by miners, as reassuring economic data out of China fuelled optimism about the world's top metals consumer, while further signs of merger activity lifted sentiment.
The FTSEurofirst 300 was up 0.1 percent at 1,223.50 by 0731 GMT, building on gains in the previous session which were aided by robust trade data out of China, led by the STOXX 600 Basic Resources sector, up 1.3 percent.
China's industrial output rose by 9.7 percent in July, above expectations, while retail sales increased by 13.2 percent and consumer inflation steadied, data showed on Friday.
"It appears that concerns about more of a slowdown than you might have wanted in China have gone away a little which... is broadly reassuring," Ian Williams, equity strategist at Peel Hunt, said.
However, after a rally of some 10 percent from late June lows, and as the holiday season gets underway, volumes dry up, and second-quarter earnings unwind, he said a period of consolidation might be on the cards for European equities.
KPN topped the FTSEurofirst 300 leader board, up 17.6 percent, after Mexican billionaire Carlos Slim's telecom giant America Movil made a bid for the Dutch telecom group.
While the index saw a positive start to the day, it is on course for a slight weekly loss as uncertainty about when the U.S. Federal Reserve might start scaling back its stimulus programme, which has supported global assets, kept investors on edge.
"Fed tapering talk remains a hot topic... underpinning the oscillation we see in sentiment in the market," Ishaq Siddiqi, market strategist at ETX Capital, said.
"Thursday's rise in US jobless claims has some rethinking about the potential for September tapering. Investors are likely to spend the day (considering) when the Fed will start to taper, especially as we have little data out of the U.S. Expecting volatility as a result of the ... confusion."