European shares edge up led by Adidas, SocGen; commodity stocks dip

* FTSEurofirst 300 index up 0.3 pct

* Commodity shares among top fallers

* Adidas (Other OTC: ADDDF - news) , SocGen (Paris: FR0000130809 - news) up on solid earnings

* Adecco (VTX: ADEN.VX - news) slumps on surprise loss

By Danilo Masoni and Atul Prakash

MILAN/LONDON, Nov 5 (Reuters) - European shares edged higher on Thursday led by solid earning reports from Adidas and Societe Generale, while commodity-related stocks were hit by a stronger dollar.

The pan-European FTSEurofirst 300 index was up 0.27 percent, while Britain's commodity-heavy FTSE index underperformed to fall 0.44 pct.

Adidas rose 5.6 percent as the world's second-biggest sportswear firm raised its full-year outlook for sales and profits after third-quarter sales growth beat market expectations.

"Brand Adidas has seen a turnaround with new initiatives and products. It (Other OTC: ITGL - news) is back to gain market share even in the United States," said Kelper Cheuvreux analyst Jurgen Kolb.

French bank Societe Generale (Swiss: 519928.SW - news) gained 5.9 percent after its third-quarter income rose 2.4 percent as growth at its retail network and lower risk provisions helped offset weakness in investment banking.

Shares (Berlin: DI6.BE - news) in Vestas Wind Systems (Other OTC: VWDRY - news) rose more than 5 percent after reporting a stronger-than-expected third-quarter operating profit before special items and raising its 2015 profit outlook.

Overall however earnings were mixed. In Europe, about 60 percent of companies have reported results so far, of which half have met or beaten analysts' earnings predictions, while the rest have missed, according to Thomson Reuters StarMine data.

"We find that investors have differentiated more between winners and losers during the Q3 reporting season compared to recent quarters," said JP Morgan analyst Emmanuel Cau.

"The stock prices of the companies beating estimates have been strongly rewarded on the day, while the stocks missing estimates have underperformed significantly."

Shares in Adecco slumped 7.9 percent after the world's biggest staffing group posted a surprise half-billion euro net loss in the third quarter due to a 740 million euro ($804.53 million) impairment of goodwill.

Brenntag (Xetra: A1DAHH - news) fell 7.2 percent after the world's largest chemicals distributor cut its full-year core profit guidance citing difficult macro conditions.

The European mining index fell 1.7 percent as metal prices came under pressure from a rally in the dollar after Federal Reserve Chair Janet Yellen pointed to a possible December interest rate hike.

"We are seeing a rotation out of commodity-related sectors, driven by a stronger dollar on prospects of a U.S (Other OTC: UBGXF - news) . rate hike," said Gerhard Schwarz, head of equity strategy at Baader Bank (Xetra: 508810 - news) in Munich.

A stronger U.S. currency generally makes dollar-priced commodities costlier for holders of other currencies and hits metals demand.

Today's European research round-up (Editing by Tom Heneghan)