European shares pare losses; Greek banks rally after ECB test
* FTSEurofirst 300 up 0.03 pct Euro STOXX 50 up 0.19 pct
* Athens' ATG up 1.2 percent as banks rally after ECB test
* Commerzbank rallies as it returns to div, HSBC slips
* Electrolux down as U.S. rejects proposal on GE business
By Danilo Masoni
MILAN, Nov 2 (Reuters) - European shares reduced losses by mid morning on Monday, with Greece shares outperforming as investors welcomed the outcome of European Central Bank (ECB) stress tests on its four main banks.
The pan-European FTSEurofirst 300 index was up 0.03 percent, off opening lows reached as weak Chinese data sparked global growh concerns, while the euro zone's blue-chip Euro STOXX 50 index was up 0.19 percent.
Athens' ATG index rose 1.2 percent, lifted by gains of around 20 percent in Alpha Bank and Eurobank , while Piraeus Bank and National Bank of Greece were up more than 5 percent.
The ECB assessment found that the four banks have a collective capital shortfall of 14.4 billion euros, less than the 25 billion euro maximum earmarked for bank recapitalisation as part of the country's latest bailout programme. Continuación...