*

Bayer jumps on legal victory against Roundup cancer claims

*

UBS to liquidate $2 bln real estate fund, shares up

*

STOXX 600 up 0.3%

(Updated at 1550 GMT)

By Pranav Kashyap and Shubham Batra

Aug 16 (Reuters) - European shares ended the week with

healthy gains as upbeat risk sentiment prevailed globally

following a slew of U.S. data, but the focus now turns to the

keenly-awaited speech by Federal Reserve Chair Jerome Powell at

Jackson Hole next week.

The pan-European STOXX 600 index rose 0.3% on the

day, still hovering at its two-week high and logging its best

week since May 6. For the week, the index was up 2.4%.

London's FTSE 100 was the weakest among its major

European peers, ticking 0.4% lower after British retail sales

rose 0.5% in July, in line with forecasts. Italy's FTSE MIB

outperformed peers with a 2.2% gain.

The automobile sector was the top gainer for the

day, rising 1.2% boosted by gains in Ferrari ( RACE ), which

rose 3.1%, and Stellantis ( STLA ) that gained 1.9% despite

the European-American automaker being sued by shareholders in

the U.S., who said the firm defrauded them by concealing rising

inventories and other weaknesses.

U.S. retail sales data on Thursday signalled resilient

consumer spending, allaying fears of an imminent recession in

the world's largest economy.

Investor sentiment stumbled in early August as a weak U.S.

jobs report coupled with Bank of Japan raising interest rates

sparked fears of a looming recession and led to a global equity

sell-off.

The STOXX 600 has since rebounded, erasing all losses as a

series of positive U.S. data eased recession worries.

Markets will look forward to next week's Jackson Hole event

in Wyoming, one of the premier global central bank gatherings

where Federal Reserve Chair Jerome Powell is expected to speak.

"Next week is going to be a big week ... there's always a

lot of expectation going into Jackson Hole," said Julien

Lafargue, chief market strategist at Barclays Private Bank.

"Unless data comes in that says otherwise, it looks like

Jackson Hole will be an opportunity for Powell to preempt a 25

basis point cut in September."

The tech sector, which was one of the most affected

by the recent rout had its longest winning streak in more than

six months.

Despite likely volatility, there could be a window of

opportunity for European equities as investors hesitate to

increase U.S. stock exposure given uncertainly over upcoming

election, Barclays' Lafargue said.

Bayer jumped 10.4% after it won a legal victory

in its fight to limit liability from claims that its Roundup

weed killer causes cancer.

UBS gained 0.7% after the Swiss bank said it will

liquidate a $2 billion real estate fund it acquired when it

bought Credit Suisse.