European shares pare losses as traders bet on ECB monetary support
* FTSEurofirst 300 drops 0.8 pct
* Commodity-related stocks reverse early fall
* Index may show biggest monthly fall since 2008
* Paddy Power surges on Betfair merger plan
* Europe bourses in 2015: link.reuters.com/pap87v
* Asset performance in 2015: link.reuters.com/gap87v (Recasts, adds quotes, detail)
By Sudip Kar-Gupta and Alistair Smout
LONDON, Aug 26 (Reuters) - The pan-European FTSEurofirst 300 index pared losses of nearly 3 percent on Wednesday, despite persistent concerns about China's economy, on hopes of further monetary support from the European Central Bank.
The index traded down 0.8 percent at 1,396.14 by 1110 GMT, having been as much as 2.8 percent lower, after an ECB official said that commodity price falls put the bank's inflation target at risk, and that it was ready to act if needed. Continuación...