Europe shares extend recovery rally, U.S. data helps
* FTSEurofirst 300 gains 0.8 pct, up 3.5 pct since mid-March
* Easing tensions over Ukraine, U.S. data help lift mood
* Spanish stocks outperform as country's recovery 'on track'
* "It's not time to look at P/E ratios" -Fidelity's Anand
By Blaise Robinson
PARIS, March 26 (Reuters) - European stocks rose on Wednesday as easing tensions over Ukraine and positive U.S. economic data helped the market extend the recovery rally that started in mid-March.
Spanish stocks outperformed the broader market, with lenders Banco Santander and BBVA both up 2.4 percent, rallying after the Bank of Spain said the country's economic recovery was on track. It saw GDP expanding by 1.2 percent in 2014, above government forecasts.
Boosting the mood on both sides of the Atlantic, U.S. data showed orders for long-lasting manufactured goods rebounded last month and shipments snapped two consecutive months of declines, while growth in the private sector accelerated in March at a faster pace than in the previous month, reassuring investors on the country's economic growth.
Also helping sentiment, tensions between the West and Russia over Ukraine were easing on Wednesday, after U.S. President Barack Obama and allies agreed to hold off on further economic sanctions. Continuación...