4 MIN. DE LECTURA
* Pan-European FTSEurofirst 300 index up 1 pct
* Mining and energy shares among top gainers
* SABMiller pares gains as new InBev offer rejected
* Airlines down on stronger crude oil prices
By Danilo Masoni
MILAN, Oct 7 (Reuters) - European shares rose for a fourth straight session to a one-month high on Wednesday, with commodities stocks adding steam to a rally based on expectations of central bank help.
The pan-European FTSEurofirst 300 index was up 1.1 percent to its highest since early September. The euro zone's blue-chip Euro STOXX 50 also climbed 1 percent.
Some investors said fundamentals were not driving the rally, which appeared to shrug off weak economic data, but loose monetary policies would probably help it continue.
"The macro picture gives no reason to either buy or sell stocks, but given the low bond yields, there are few investment alternatives to equities," said Riccardo Ambrosetti, chairman of Italy's Ambrosetti Asset Management.
Low valuations and benign monetary policies should help the rebound continue throughout the quarter, Ambrosetti said. "This is our main scenario, although we don't rule out that some profit-taking could kick in the short term".
According to a Reuters poll of investors, European stock markets will rise until the end of 2015 but will not regain their peaks from earlier in the year. The poll points to the Euro STOXX 50 index rising to 3,400 points.
Mining companies were the leading sector, crowning a seven-day rally a 7.3 percent jump. Morgan Stanley upgraded mining shares to "attractive" from "in-line". It also upgraded Rio Tinto, Bhp Billiton and Anglo American .
According to Lorne Baring, managing director of B Capital Wealth Management, commodity shares probably saw their bottom in late September and have got a base to advance further. Even so, owning mining stocks still presented elevated risk.
The energy index rose 3.9 percent on stronger metals and rising oil prices, which broke out of a month-long range after a forecast suggested a global glut may be easing.
The rise in crude oil prices hit airlines stocks, though. They also faced some selling pressure after Credit Suisse cut the sector to "equal-weight" from "overweight". IAG, easyJet and Ryanair fell 5 to 3.9 percent.
Shares in SABMiller rose 0.6 percent, reducing earlier gains after the world's second largest brewer rejected an improved $104-billion offer from bigger rival Anheuser-Busch InBev, saying that its valuation was insufficient.
Britain's biggest supermarket, Tesco, rose 2.8 percent, reversing initial losses. It had reported a 55 percent slump in first-half profits but said it was trading ahead of expectations.
"The more obviously positive pockets include the ongoing strengthening of the balance sheet," said Richard Hunter, head of equities at Hargreaves Lansdown. "The outlook is guarded and the full-year guidance unchanged, whilst currency headwinds may continue to provide additional obstacles."
Volkwagen gained 7.9 percent, rising for a third straight day. New CEO Matthias Mueller told a German newspaper the company would recall cars affected by its emissions-rigging crisis in January and complete the fix by the end of next year.
Spnaish engineering firm Tecnicas Reunidas fell 3.7 percent. A broker said the stock was hit by a Bloomberg report saying the oil minister of Kuwait had ordered an indefinite delay in signing a multi-billion contract for the Al Zour refinery.
Today's European research round-up (Additional reporting by Atul Prakash in London, editing by Larry King)