European shares rise, shrugging off disappointing earning updates

MILAN, Nov 7 (Reuters) - European shares rose on Tuesday buoyed by exuberant markets in New York and Asia with early sluggishness in the euro boosting the export-oriented DAX index to a new record high.

A rebound in banks and gains among commodity stocks underpinned the broader market, sending the pan-European STOXX 600 index up 0.2 percent by 0819 GMT and helping offset a number of disappointing earning updates including from BMW (EUREX: BMWE.EX - news) .

The German carmaker fell 2 percent after its third-quarter earnings fell 5.9 percent, near the low-end forecast in a Reuters poll, due to upfront costs for new technologies and models. The world's second-largest luxury automaker however slightly lifted its outlook for pretax profit this year.

Its fall was more than offset by broad-based gains that sent the DAX, the German country benchmark index, up 0.3 percent.

On the STOXX 600, the biggest fallers were shares in chipmaker Dialog Semiconductor (LSE: 0OLN.L - news) , down 6.1 percent following a cautious outlook for the fourth quarter.

Also under pressure following their updates were shares in Danish shipping group A.P. Moller Maersk, Siemens (Berlin: 29783751.BE - news) Gamesa and London-listed security group G4S (Copenhagen: G4S.CO - news) .

The FTSE was up 0.1 percent. (Reporting by Danilo Masoni, Editing by Helen Reid)