Wall Street lifts European shares despite earnings drag
* FTSEurofirst 300 rises 0.1 percent
* Wall Street bounces after Caterpillar results
* Michelin and Unilever fall, flagging weak EM demand
* Strong PMIs from Germany and euro zone support index (Updates with Wall Street open, new quote)
By Alistair Smout
EDINBURGH, Oct 23 (Reuters) - European stocks edged higher in choppy trade on Thursday, buoyed by strength on Wall Street but hindered by weak corporate results from companies including French tyre-maker Michelin.
The pan-European FTSEurofirst 300 also benefited from better-than-expected euro zone business activity data, although it still spent most of the day in negative territory until U.S. stock futures turned higher.
The U.S. S&P 500 gained around 1 percent after strong earnings from the likes of Caterpillar, which reported stronger-than-expected quarterly profit and boosted its 2014 profit outlook.
The rise helped European stocks to erase losses, with the FTSEurofirst 300 trading 0.1 percent higher at 1,310.34 at 1340 GMT. Continuación...