PARIS, June 26 (Reuters) - European stocks were set to rise on Wednesday, extending the previous session's rebound after a batch of upbeat U.S. data eased investors' worries about the Federal Reserve's plans to trim its stimulus programme. Gains could be capped, however, by nagging fears of a credit crunch in China, despite reassuring comments from the country's central bank. Most Asian shares rose on Wednesday though China's Shanghai Composite fell 0.8 percent. The benchmark index has plummeted 17 percent since late May. At 0617 GMT, futures for Euro STOXX 50, for UK's FTSE 100, for Germany's DAX and for France's CAC were up 0.1-0.3 percent. Data showed on Tuesday strong gains in U.S. business spending plans and the largest annual rise in house prices in seven years, signalling that the economy has been gaining momentum, and supporting the Federal Reserve's recovery view. European stocks snapped a sharp four-session selloff on Tuesday, with the euro zone's blue-chip Euro STOXX 50 index gaining 1.2 percent, bouncing off a seven-month low hit in the previous session. The index had lost 12.4 percent since late May, dragged by liquidity worries after the Federal Reserve signalled it would begin to trim its quantitative easing programme later this year. The selloff has dragged down valuation levels, with the broad STOXX Europe 600 trading at 11.7 times earnings expected in the next 12 months, below a 10-year average price-to-earnings ratio of 12.1, and down from a ratio of 12.9 hit in late May, according to Thomson Reuters Datastream. "A technical rebound has started yesterday, and in the short term, the potential is to at least test the 200-day moving average and the 50 percent Fibonacci retracement of the slump, which would represent a 5 percent rally from here," Aurel BGC chartist Gerard Sagnier said. "Following that, we could see some range-bound trading during the summer." The Euro STOXX 50's 200-day moving average is at 2,633 points, while the 50 percent retracement of the correction started in late May is at 2,673. -------------------------------------------------------------------------------- MARKET SNAPSHOT AT 0620 GMT: LAST PCT CHG NET CHG S&P 500 1,588.03 0.95 % 14.94 NIKKEI 12,834.01 -1.04 % -135.33 MSCI ASIA EX-JP 487.76 1.38 % 6.66 EUR/USD 1.307 -0.11 % -0.0015 USD/JPY 97.48 -0.35 % -0.3400 10-YR US TSY YLD 2.582 -- -0.03 10-YR BUND YLD 1.797 -- -0.01 SPOT GOLD $1,252.00 -1.94 % -$24.74 US CRUDE $94.61 -0.74 % -0.71 > GLOBAL MARKETS-Asia shares up on PBOC but Shanghai extends slide > US STOCKS-Wall Street rises on robust U.S. data after recent slide > Nikkei surrenders early gains, falls as China worries linger > FOREX-Dollar steady after U.S. data backs Fed view > PRECIOUS-Gold drops to near 3-year low on strong U.S. economic data > METALS-Copper drops 1.3 pct after rally, China growth concerns drag > UPDATE 1-Brent slips as US data backs Fed stimulus cut strategy COMPANY NEWS: COMMERZBANK BNP PARIBAS French bank BNP Paribas is interested in buying Commerzbank's custodian business, previously valued at around 200 mln euro, daily Boersen-Zeitung reported without citing sources. GSW IMMOBILIEN AG The German real estate company on Tuesday said Chief Executive Bernd Kottmann will resign on July 15. It follows a shareholder rebellion against the company's recently installed managers. Chairman Eckart John von Freyend will also resign. TOTAL The French oil major is considering bidding for rights to explore for shale gas in Britain, the Telegraph reported, adding that Total had also held talks with several companies about buying a stake in their UK exploration blocks. COLRUYT The Belgian retailer reported higher-than-expected net profit for its 2012/2013 financial year and increased its dividend, saying it had lured more cost-conscious shoppers into its stores. NOVATIS Swiss drugmaker Novartis said its drug omalizumab significantly improved itch in patients with a severe form of hives, according to a late-stage study. TECHNIP The oil services group said it won a contract from Statoil worth between 50 million and 100 million euros for pipelay and subsea installations for the "Snohvit CO2 Solution" project in the Arctic Circle. BENETEAU The boat and mobile home company confirmed its full-year forecasts after nine-month sales slipped 2.1 percent to 598 million euros.
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