* FTSEurofirst 300 steadies by midday
* Caution before Fed meeting this week
* Television Francaise jumps on relief over ads
By Alistair Smout
LONDON, Sept 14 (Reuters) - European equities gave up early gains and steadied by midday on Monday, as investors focused on whether the Federal Reserve will raise U.S. interest rates at its policy meeting this week.
The FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,399.48 points by 1142 GMT. It had risen to a high of 1,414.99 points earlier in the session.
"Investors are pretty nervous ahead of the Fed meeting this week as they are quite uncertain about the central bank's likely move on interest rates. We are seeing a lot of volatility in the market because liquidity is very low," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.
The FTSEurofirst 300's volumes were just 30 percent of its 90-day daily average after a half-day trading.
Traders said volumes were likely to remain low before the Fed's two-day meeting ends on Sept. 17. Markets are still guessing whether the central bank will raise rates or wait for December or early next year.
Mining shares came under further pressure, tracking a sharp decline in prices of key industrial metals. Copper prices fell 1.2 percent, alongside Chinese equities, after data showed a lower-than-expected rise in China's factory output, reinforcing worries about demand for the metal.
The STOXX Europe 600 Basic Resources index was down 0.7 percent, dragged down by a 3.9 percent drop in Glencore and a 1.2 percent weaker Antofagasta.
Shares in ARM Holdings rose 1.7 percent, with traders saying that the company was benefiting from an upbeat article by Barron's on Apple, which uses ARM designs in its products.
On the broader STOXX 600 index, the biggest rise came from Television Francaise. Its shares rose 7.6 percent and were poised for their best day in more than a year after the French government decided against allowing advertising on public broadcasters.
The market had little reaction to data showing that the euro zone's industrial production was stronger than expected in July, thanks to a higher volume of energy, capital and durable consumer goods.
Europe bourses in 2015: link.reuters.com/pap87v
Asset performance in 2015: link.reuters.com/gap87v
Today's European research round-up
Additional reporting by Atul Prakash; Editing by Larry King