CORRECTED – European shares rise to 3-week high; Porsche up

(Corrects Porsche’s percentage change in last paragraph)

LONDON, March 30 (Reuters) – European shares hit a
three-week high on Wednesday, with investors positioned for
positive U.S. ADP National Employment data, while Porsche
(PSHG_p.DE: Quote, Profile, Research) rose as its rights issue subscription started.

By 0710 GMT, the pan-European FTSEurofirst 300 (.FTEU3: Quote, Profile, Research)
index of top shares was up 0.7 percent at 1,134.21 points after
closing flat in the previous session.

“Follow on from the U.S. overnight which was strong and the
situation in Japan has not got any worse,” Andrea Williams, who
manages 1.3 billion pounds ($2.08 billion) in assets for Royal
London Asset Management, said.

“It does not seem to want to go down despite everything that
is thrown at it. We are waiting for the U.S. jobs data,
unemployment has taken a long-time to come down and recovery in
this area is important for the market.”

Carmakers featured among the best performers, with the STOXX
Europe 600 Automobiles & Parts (.SXAP: Quote, Profile, Research) rising 1.3 percent.
Porsche (PSHG_p.DE: Quote, Profile, Research) rose 1.8 percent as its subscription period
for its capital hike started.
(Reporting by Joanne Frearson)

CORRECTED – European shares rise to 3-week high; Porsche up