* FTSEurofirst 300 up 0.7 pct, Euro STOXX 50 up 0.7 pct
* SocGen jumps more than 9 pct after Q2 results
* Mining shares rise on rating upgrade
By Liisa Tuhkanen
LONDON, Aug 5 (Reuters) - European shares rose on Wednesday, led higher by Societe Generale, which jumped more than 9 percent after posting its second-quarter results.
The French bank reported better-than-expected earnings and said it would target a slightly larger cushion of capital and higher cost savings.
Among other individual gainers, Nivea maker Beiersdorf rose 2.6 percent after beating profit expectations.
And London-listed mining companies BHP, Rio and Glencore added between 1.8 and 2.7 percent after Liberum raised its rating on the mining sector to “hold”.
The pan-European FTSEurofirst 300 index was up 0.7 percent by 0806 GMT, while the euro zone’s blue-chip Euro STOXX 50 index rose 0.8 percent.
Both slid in the previous session, hurt by disappointing earnings.
“European equities are trading higher this morning as a very respectable European earnings season and improving growth prospects ... are providing investors with plenty of reasons why to favour European stocks versus Asian and US ones,” Markus Huber, senior analyst at Peregrine & Black, said in a note.
“Overall sentiment remains positive with Europe likely to continue to outperform their American peers.”
On Wall Street, shares edged lower overnight as the growing possibility the Fed will raise U.S. interest rates as early as next month lifted the dollar and bond yields. A strengthening dollar and a weaker euro can benefit euro zone exporters.
The latest development for U.S. rates came when Atlanta Federal Reserve President Dennis Lockhart told the Wall Street Journal that it would take “significant deterioration” in the economy for him not to support an increase in September.
On the downside, Athens bourse’s benchmark general index dipped 2 percent, dragged down by banks, which make up about 20 percent of the main index and which lost 15 percent in early deals.
The parliamentary spokesman for Greece’s ruling Syriza party urged it on Wednesday to unite behind a new funding agreement, saying the country wanted a full bailout immediately rather than a bridge loan.
Europe bourses in 2015: link.reuters.com/pap87v
Asset performance in 2015: link.reuters.com/gap87v
Today’s European research round-up
Editing by Larry King