* FTSEurofirst 300 up 0.3 percent; halts steep 2-day slide
* Oracle's forecast-beating results boost techs
* Miners, banks lead rebound; defensives dip
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By Blaise Robinson
PARIS, June 24 (Reuters) - European stocks rose in early trade on Wednesday, halting a steep two-day slide that had dragged the shares to their lowest level in five weeks, with Oracle's forecast-beating results boosting techs. Heavyweight mining shares were on the upside, bolstered by rising metal prices as the dollar softened.
Anglo American was up 3.5 percent, Rio Tinto up 4.2 percent and ArcelorMittal up 2.8 percent.
At 0810 GMT, the FTSEurofirst 300 index of top European shares was up 0.3 percent at 836.10 points. The index had lost 3.2 percent in the previous two sessions.
"We're seeing a bounce, helped in part by Oracle's results that were not as bad as they could have been," said Edmund Shing, strategist at BNP Paribas.
The world's No. 3 software maker late on Tuesday reported quarterly earnings above expectations as its profit margin hit a record, thanks to robust growth in its maintenance business.
SAP added 1.7 percent, Capgemini gained 1.2 percent and Infineon rose 4.2 percent.
"But it doesn't change the broad picture: the market is still oriented to the downside. People are cautious on the macro side, with data today showing that Japanese exports are still poor, and the global recovery isn't yet in place," Shing said.
Data showed Japan's exports continued to drop in May, further evidence that the turnaround in the world economy some investors have been betting on is still some distance off.
FED EYED
Investors were also bracing for the U.S. Federal Reserve's interest rate decision and statement due on Wednesday.
The Fed is seen keeping its benchmark short-term interest rate near zero, but investors' attention will be on whether the Fed might expand a $300 billion programme of Treasury purchases, and signal how it might curtail its easy-money policy as the recession is abating.
Investors will also keep an eye on U.S. new home sales data, looking for further insight on the health of the battered housing market.
Around Europe, UK's FTSE 100 index was down 0.1 percent, Germany's DAX index up 0.1 percent, and France's CAC 40 down 0.1 percent.
Banks gained ground, with BNP Paribas up 1.6 percent, Barclays up 2.1 percent and UniCredit up 1 percent.
Deutsche Bank rose 2 percent. Citi upgraded its rating on the German lender to "hold" from "sell".
"Legacy risks have been greatly reduced, nominal capital metrics now appear less stretched, and while certain businesses still need to be repositioned, the strength of the fixed income franchise should ensure a strong operating result in the second quarter," Citi analysts wrote in a note.
Stocks in sectors seen as defensives were on the downside on Wednesday, with pharma groups GlaxoSmithKline down 1.6 percent and Sanofi-Aventis down 2.2 percent, food majors Nestle down 0.6 percent and Unilever down 1.8 percent.
On the year, the FTSEurofirst 300 is up 0.7 percent and the DJ Stoxx 600 is up 2.9 percent, led by basic resources, up 37 percent, banks up 16 percent, techs up 10 percent, while health care stocks are down 3.8 percent, and telecoms down 7.8 percent. (Editing by Rupert Winchester)