FRANKFURT, Nov 13 (Reuters) - European shares were up in choppy early trade on Thursday, breaking a two-day losing run as BT (BT.L: Quote, Profile, Research, Stock Buzz) jumped after its update and defensive drugmakers rose.
At 0834 GMT, the FTSEurofirst 300 index of top European shares was 0.2 percent higher at 855.22 points, after slipping more than 3.4 percent in the previous session.
The index has lost about 41 percent this year, hit by the credit crisis and resulting economic slowdown.
BT skyrocketed 12.2 percent after it said second-quarter revenues rose. The company announced it will cut its work force by 10,000 people by the end of the current financial year.
The auto sector was also strong, led by Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz), up 2.4 percent, and BMW (BMWG.DE: Quote, Profile, Research, Stock Buzz), adding 3.4 percent as the U.S. government weighs an emergency bailout for domestic automakers.
Among drugmakers, Roche (ROG.VX: Quote, Profile, Research, Stock Buzz) gained 1.6 percent and Sanofi-Aventis (SASY.PA: Quote, Profile, Research, Stock Buzz) gained 1.5 percent.
Oils were the biggest weight on shares as crude prices fell 2 percent. Royal Dutch Shell (RDSa.AS: Quote, Profile, Research, Stock Buzz) fell 2.2 percent, BP (BP.L: Quote, Profile, Research, Stock Buzz) slid 1.9 percent.
Banks were also weak, with Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) down 4 percent, ING (ING.AS: Quote, Profile, Research, Stock Buzz) down 4.1 percent and BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz) easing 3 percent.
Technology shares fell after chip giant Intel Corp (INTC.O: Quote, Profile, Research, Stock Buzz) cut its fourth-quarter revenue forecast by about 14 percent citing weak demand across the world and in all its products, indicating the economic crisis is set to hurt computer sales in the holiday season and beyond.
Infineon (IFXGn.DE: Quote, Profile, Research, Stock Buzz) was down 2.2 percent.
Mining stocks followed metals prices lower. BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz), Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz), Vedanta Resources (VED.L: Quote, Profile, Research, Stock Buzz), Kazakhmys (KAZ.L: Quote, Profile, Research, Stock Buzz), Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz), Antofagasta (ANTO.L: Quote, Profile, Research, Stock Buzz) and Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) fell between 2.4-4.4 percent.
(Additional reporting by Brian Gorman)
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