European shares track US up, led by banks, commods

* FTSEurofirst 300 rises 2.5 percent

* 37 out of 38 sectors of index rise

* Miners surge on higher metals prices

By Brian Gorman

LONDON, Nov 14 (Reuters) - European shares rebounded early on Friday, led by banks, miners and oils, after a late surge on Thursday in the United States where investors saw bargains in stocks that had fallen to five-year lows.

At 0940 GMT the FTSEurofirst 300 index of top European shares was up 2.5 percent at 874.06 points. But the benchmark is down 4.4 percent this week and has lost more than 41 percent so far this year, hit by worries that the banking crisis will result in a deep global recession.

The Dow Jones .DJI, S&P 500 .SPX and Nasdaq Composite .IXIC all rose between 6.5 and 6.9 percent on Thursday.

"There will be a bit of support today after the rally in the U.S., but there was no new information to drive this, other than the oil majors leading it up after oil prices rose," said Bernard McAlinden, investment strategist at NCB Stockbrokers. "Valuations are low, but everybody knows that already. There's huge volatility."

All but one of the 38 sectors of the FTSEurofirst 300 rose, but miners saw some of the sharpest advances, as the price of copper and other metals picked up.

BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz), Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz), Lonmin (LMI.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) rose 4.3-9.2 percent.

Oils rose, after crude prices CLc1 surged late on Thursday, though they slipped more than 1 percent to $57.47 a barrel on Friday.

Total (TOTF.PA: Quote, Profile, Research, Stock Buzz), ENI (ENI.MI: Quote, Profile, Research, Stock Buzz), BP (BP.L: Quote, Profile, Research, Stock Buzz), Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz), Statoil (STL.OL: Quote, Profile, Research, Stock Buzz), BG (BG.L: Quote, Profile, Research, Stock Buzz) rose 3.9 to 6 percent.

EADS (EAD.PA: Quote, Profile, Research, Stock Buzz) SURGES

EADS (EAD.PA: Quote, Profile, Research, Stock Buzz) rose 5.4 percent after the aerospace group said it would exceed its full-year profit target as it posted third-quarter results above expectations.

Spain's Telefonica (TEF.MC: Quote, Profile, Research, Stock Buzz) was up 3.7 percent despite reporting a 28.7 percent fall in net profit.

Among banks, Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz), France's biggest retail bank, rose 7.2 percent after third-quarter net profit, reported late on Thursday, fell less than forecast.

Banco Santander (SAN.MC: Quote, Profile, Research, Stock Buzz), Deutsche Bank DBGKn.DE, Standard Chartered Bank (STAN.L: Quote, Profile, Research, Stock Buzz), and UBS UBS.AG rose between 3 and 8.6 percent.

But Dexia (DEXI.PA: Quote, Profile, Research, Stock Buzz) fell 9.5 percent after posting a quarterly loss of 1.544 billion euros. It said it had agreed to sell its FSA insurance business to Assured Guaranty (AGO.N: Quote, Profile, Research, Stock Buzz). Luxury goods provider Richemont (CFR.VX: Quote, Profile, Research, Stock Buzz) was up 3.2 percent after first-half net profit rose 11 percent.

Oil industry tube manufacturer Vallourec (VLLP.PA: Quote, Profile, Research, Stock Buzz) rose 11 percent, the strongest gainer in the FTSEurofirst 300, after the company raised its full-year targets and posting a 7.6 percent increase in third-quarter sales that slightly beat analysts' expectations.

G20 leaders headed to Washington on Friday for a summit aimed at seeking solutions to the world's biggest financial crisis in decades.

Official growth figures due on Friday are expected to confirm that the 15-country euro zone is in the first recession of the European Central Bank's 10-year history, a day after Germany said it was in recession. [ID:nLD87284]

However, France has escaped recession for the time being, as its economy grew 0.1 percent in the third quarter.

Eurozone inflation numbers are also due at 1000 GMT.

Across Europe, Britain's FTSE 100 .FTSE, Germany's DAX .GDAXI and France's CAC-40 .FCHI rose between 3.5 and 3.9 percent. (Additional reporting by Atul Prakash; Editing by Greg Mahlich)