* FTSEurofirst 300 index gains 0.3 percent
* Earnings news boosts stocks; Hermes gains
* Valuations attractive in the long-term
* For up-to-the minute market news, click on [STXNEWS/EU]
By Joanne Frearson
LONDON, May 11 (Reuters) - European shares rose on Wednesday, boosted by solid corporate earnings, although fund managers said short-term index moves would prove volatile until the euro zone peripheral debt situation is resolved.
The pan-European FTSEurofirst 300 <.FTEU3> index of top shares closed up 0.3 percent at 1,153.41 points, paring earlier gains after Wall Street opened lower on weaker results.
Volume was 84.2 percent of its 90-day average.
In the background, speculation remained Greece may need to restructure its debt, with traders worried this could hit banking stocks and mean further potential losses for private bondholders.
"Long-term, European shares are fair value and the market will move up, though there will be continued volatility until the sovereign debt issue is resolved," Caroline Vincent, who manages the 45 million pound European Fund at Cavendish Asset Management, said.
Strong earnings news was the main support for the market.
Buyers came in for French luxury goods group Hermes
The STOXX Europe 600 Personal and Household Goods index <.SXQP> rose 1.2 percent on the back of read-across from Hermes results as well as positive Credit Suisse broker note on the sector.
Looking at the reporting season overall, French companies have been leading the way in first-quarter results.
Out of 62 percent of companies on the French CAC index <.FCHI> which have reported first-quarter results, 88 percent have met or beat forecasts, Thomson Reuters StarMine data showed.
This compares with only 61 percent of companies on the German DAX <.GDAXI> beating or meeting forecasts, of the 79 percent which have reported first-quarter earnings, while only half of the FTSE <.FTSE> (of the 82 percent that have reported) have beat or met forecasts.
The French CAC 40 <.FCHI> was up 0.1 percent, outperforming the FTSE 100 <.FTSE> index which was down 0.7 percent and Germany's DAX <.GDAXI>, 0.1 percent lower.
WOLTERS KLUWER GAINS
Buyers also came for Wolters Kluwer
Elsewhere, Danish shipping and oil group A.P. Moller-Maersk
On the downside, HSBC
But traders said equity valuations were attractive over the long-term and Thomson Reuters Datastream showed the STOXX Europe 600 <.STOXX> carried a forward price-to-earnings ratio of 10.9, below a 10-year average of 13.5.
"We remain constructive on equities in the long run, though we acknowledge that several headwinds are likely to persist in the coming months," Carl Ghielen, senior client portfolio manager of the $1.1 billion ING U.S. High Dividend fund, said.
"On the positive side, we're seeing an excellent earnings season, lots of corporate activity," Ghielen said. "Valuations are fair to attractive and the flows are positive. On the negative side ... (there is) lingering sovereign debt stress in the euro zone."
The Thomson Reuters Peripheral Eurozone Countries Index <.TRXFLDPIPU> was down 0.7 percent. (Additional reporting by Josie Cox; Editing by David Holmes)