European stocks head up in volatile trade

LONDON, July 30 (Reuters) - European shares reversed losses by early afternoon trade to rise in volatile trade on Monday, tracking an increase in U.S. stock index futures. By 1310 GMT, the FTSEurofirst 300 index of leading European shares was 0.2 percent higher at 1,523.4, recovering from a session low of 1,511.1 but below the day's high of 1,526.8. U.S. stock index futures indicated a strong market open after a sell-off in global equities the past week. In Europe, miners including Antofafasta and BHP Billiton figured among gainers while chemicals bid target ICI rallied 7 percent. Banks were however still the leading negative weight on the FTSEurofirst, as the iTraxx Crossover index, the most widely used indicator of European credit confidence, surged to record levels.