* Credit Suisse rises on new cost-cutting plans
* Poste Italiane, Kingfisher rise after earning updates
* William Hill slumps after warning of lower profits
* Travel, leisure stocks underperform after Brussels attacks (ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report. Updates prices, adds details)
By Sudip Kar-Gupta
LONDON, March 23 (Reuters) - European shares rose slightly on Wednesday after a dip in the previous session following deadly attacks in Brussels, with Credit Suisse stock climbing after news the banks was cutting costs further.
The pan-European FTSEurofirst 300 index rose 0.4 percent to 1,343.06 points at 1131 GMT, while the euro zone’s blue-chip Euro STOXX 50 index advanced 0.5 percent.
Credit Suisse rose 1.7 percent after it announced 800 million Swiss francs in additional cost cuts and plans to shrink its investment bank further as it pushes ahead with a restructuring plan.
“It is positive that Credit Suisse is taking more action and reducing risk weighted assets in global markets,” said RBC Europe analyst Fiona Swaffield.
Also among the gainers, technology group Hexagon rose 2.5 percent after Morgan Stanley raised its rating on the stock to “overweight” from “equal weight”.
Europe’s largest home improvement retailer Kingfisher gained 3.6 percent on the back of a forecast-beating 0.3 percent rise in annual profit.
Among other standout movers, Italy’s post office operator Poste Italiane advanced 3.9 percent as its dividend targets pleased investors, but gambling group William Hill slumped 10.8 percent after warning of lower profits.
William Hill’s woes also weighed on the shares of rival bookmakers such as Ladbrokes and Paddy Power Betfair , which fell 1.9 percent and 1.8 percent respectively.
European travel and leisure shares also underperformed for a second straight session, as the sector continued to feel the effects of Tuesday’s attacks on Brussels.
The STOXX Europe 600 Travel & Leisure Index fell 0.1 percent, adding to a 1.8 percent decline following the attacks which killed at least 30 people.
Some investors remained cautious about the near-term outlook, with the FTSEurofirst still down about 7 percent since the start of 2016 on concerns about a global economic slowdown.
“We are in a bear market. We pulled up a bit in February and March, but I think the most likely direction for now is down,” ACIES Asset Management hedge fund manager, Andreas Clenow, said.
Today’s European research round-up
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Mike Dolan, Markets Editor EMEA. (Additional reporting by Danilo Masoni in Milan; Editing by Louise Ireland and Keith Weir)