* FTSEurofirst 300 down 0.4 percent
* Miners lead fallers after China profits miss
* Bets on ECB action support the market
* Altice bounces after winning EPL rights
By Alistair Smout
LONDON, Nov 27 (Reuters) - A leading European share index fell from a three-month high on Friday, hit by a drop in the mining sector after a slump in Chinese equities which was triggered by weak data and a regulatory crackdown.
However, anticipation of further stimulus measures from the European Central Bank next week helped to cushion the market.
The FTSEurofirst 300 was down 0.4 percent at 1,510.29 points by 0929 GMT, dropping after posting its highest close since August on Thursday.
Mining stocks declined 1.9 percent, the top sectoral faller. China, the world’s biggest consumer of metals, saw stocks slide over 5 percent after a fresh regulatory crackdown and deteriorating industrial profits data.
Anglo American was the biggest faller, down 6 percent after shutting down an Australian coal mine.
While there was some investor concern over a repeat of August, when China let its currency fall sharply and jolted equities globally, some said that this might be less likely if the yuan joined the IMF’s reserve basket next week.
“Miners are suffering from China and a stronger U.S. dollar outlook. There is clearly a risk that China will try and devalue the currency further, but there is less risk of that compared to earlier in the year,” said Ankit Gheedia, equity and derivative strategist at BNP Paribas.
“(However) Europe is still trading on the ECB next week, which is why the market is relatively resilient.”
Bets that the ECB will extend or increase its quantitative easing programme next week helped to spur the FTSEurofirst 300 to the three-month highs hit on Thursday.
The index was off its early lows on Friday, with the euro and euro zone bond yields remaining anchored by the speculation of further easing.
Among risers, KBC was up 2.9 percent, the FTSEurofirst 300’s top gainer. The Belgian bank rose after disclosing new capital requirements from the ECB.
Altice rose and extended gains over the last two sessions to more than 10 percent after a Reuters report that it had won the right to show English Premier League soccer in France was confirmed shortly after the market close on Thursday.
Europe bourses in 2015: link.reuters.com/pap87v
Asset performance in 2015: link.reuters.com/gap87v
Today’s European research round-up
Editing by Keith Weir