European shares bounce back as Chinese data reassure
* FTSEurofirst 300 up 0.7 pct, reverses previous day's slide
* Euro STOXX 50 up 0.9 pct, moves back above 50-day moving average
* Credit Suisse, Danone drop after posting lower results
By Blaise Robinson
PARIS, April 16 (Reuters) - European shares rose early on Wednesday, reversing the previous session's losses as data showed economic growth in China a touch above forecasts, while gains in Tesco also lifted markets.
Shares in the world's No.3 retailer gained 3.9 percent, bouncing after a 15 percent slide in two months as traders said the fall in profits reported by the group was not as steep as some had feared.
"Tesco this morning was not quite as bad as expected," said Berkeley Futures associate director Richard Griffiths.
At 0750 GMT, the pan-European FTSEurofirst 300 index was up by 0.7 percent at 1,316.50 points. Earlier this month, the index hit a near six-year high, but the rally has been stalled by worries over the crisis in Ukraine as well as concerns about the pace of Chinese growth.
Data showed on Wednesday China's economy grew at its slowest pace in 18 months in the first quarter, at 7.4 percent, though the figure was slightly stronger than the median forecast of 7.3 percent in a Reuters poll. Continuación...