Rallying miners, oils help Europe stock bounce back

* FTSEurofirst 300 bounces back, up 0.5 percent

* Energy, mining shares rally along with commodities

* Tech shares up after HP earns, STMicro-Ericsson deal

By Blaise Robinson

PARIS, Aug 20 (Reuters) - European shares rose in early trade on Wednesday, recouping some of the losses from the previous session as commodity-related stocks bounced back along with oil and metal prices.

At 0810 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.5 percent at 1,164.97 points. Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) added 5.1 percent, Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) gained 3.8 percent and BP (BP.L: Quote, Profile, Research, Stock Buzz) rose 1.5 percent.

Oil prices edged up to above $115 a barrel while copper and aluminium prices rose, as a lower U.S. dollar rekindled buying in commodities.

Tech shares got a boost from Hewlett-Packard (HPQ.N: Quote, Profile, Research, Stock Buzz) results that beat estimates overnight and from a deal announced by STMicroelectronics (STM.PA: Quote, Profile, Research, Stock Buzz) and Ericsson (ERICb.ST: Quote, Profile, Research, Stock Buzz) to combine their chip and mobile applications businesses.

STMicro gained 1.7 percent, Ericsson rose 0.5 percent, while Infineon (IFXGn.DE: Quote, Profile, Research, Stock Buzz) added 1.4 percent and Alcatel-Lucent (ALUA.PA: Quote, Profile, Research, Stock Buzz) gained 0.5 percent. "(The news in the tech sector) helps a bit, but it doesn't change the general mood. We've seen four or five weeks of rebound, but that recovery mood has been destroyed over the last few days by negative news flow from the banking sector," said Achim Matzke, European stock indexes analyst at Commerbank in Frankfurt.

"The sharp drop in commodity prices since mid-July seems to have been priced in now. In the best case, the market is moving sideways, with a negative touch."

The FTSEurofirst 300 sank 2.5 percent on Tuesday, ending at its lowest closing level in two weeks, hit by renewed credit and inflation jitters.

The benchmark index has lost 23 percent so far this year, hit by recession fears, as well as worries over inflation and the impact of the credit crisis on banks' balance sheets.

Shares in Wall Street firm Lehman Brothers LEH.N tumbled 13 percent on Wall Street overnight after JPMorgan Securities forecast that the investment bank will take a further $4 billion in writedowns tied to losses on mortgage-related investments.

Goldman Sachs slashed its earnings outlooks for five major rivals, citing mounting writedowns on mortgages, a slowdown in overall activity and legal expenses.

European banks were mixed on Wednesday after suffering sharp losses in the previous session. The DJ Stoxx bank index is down 33 percent year-to-date.  Continued...