* FTSEurofirst 300 index up 1.1 pct
* Miners lead gains on U.S. non-farm payroll figures
By Joanne Frearson
LONDON, Oct 7 (Reuters) - European shares rose on Friday to hit a five-week high after better than expected September U.S. employment data, boosting hopes that the U.S. economy is picking up.
Mining stocks, whose price performance most closely correlates to global economic trends, were among the best performers after the data.
The STOXX Europe 600 Basic Resources sector index rose 2.1 percent, with Vedanta Resources and Xstrata the standout gainers, up 4.4 percent and 3.7 percent respectively.
Investor sentiment was boosted by the news that U.S. non-farm payrolls rose 103,000 last month, beating economists' forecasts of 60,000 and suggesting the world's largest economy might avoid recession.
"We have seen quite a turnaround after the better than expected jobs data," said Colin McLean, managing director of SVM Asset Management. "It is encouraging for the U.S. and supports the view things are holding up."
By 1257 GMT the pan-European FTSEurofirst 300 index of top shares was up 1.1 percent at 950.97 points and hit a five-week high.
The benchmark, which has surged 9 percent since hitting a low on Tuesday, rose above its 50-day moving average on Friday for the first time since late July and above the neckline of an inverse head and shoulders chart pattern, sending chartists a bullish signal.
The euro zone's Euro STOXX 50 index was up 1.1 percent at 2,272.57 points, breaking above a downward trendline formed by Aug. 17 and Sept. 1 peaks as well as above the neckline of an inverse head and shoulders pattern.
The blue-chip index could climb towards 2,530-2,540 points, the initial target of a potential third wave of the Elliott wave chart pattern started with the Sept. 23 low.
The Euro STOXX 50 volatility index , a key gauge of investor fear fell 6.9 percent -- a fall in the index indicates a rise in investor appetites for risk. (Additional reporting by Blaise Robinson; Editing by Greg Mahlich) ============================================================ For rolling updates on what is moving European shares please click on ============================================================ For pan-Europeanmarket data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. STOXX Europe index.................................. Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................
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