* FTSEurofirst 300 falls 0.3 percent
* Energy companies fall as inventories rise
* For up-to-the-minute market news, click on
By Brian Gorman
LONDON, Dec 30 (Reuters) - European shares edged lower on Thursday in light volumes, after data from China suggested growth was slowing, as several bourses traded for the last time in 2010.
At 0947 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,139.04 points, after rising 0.2 percent in the previous session.
The European benchmark has risen 6.7 percent so far in December, on course for its biggest rise since March, and is up more than 76 percent from its lifetime low of March 2009. Several major economies having emerged from recession, helped by stimulus from governments and central banks worldwide. "There may be a short-term pullback after the rally," said Philip Isherwood, European equities strategist at Evolution Securities. "But economic forecasts are being upgraded. Companies earnings forecasts are being upgraded, and they are paying higher dividends, and there's more M&A."
Isherwood said European markets would rise about 15 percent in 2011, with much of the upside coming in the early months.
Energy companies were among the fallers on Thursday, after the American Petroleum Institute said inventories rose last week, though crude prices hovered above $91 a barrel.
BP, BG and Royal Dutch Shell fell between 0.5 and 0.9 percent.
HSBC's China Purchasing Mangers' Index fell to a three month-low of 54.4 in December from 55.3 in November, suggesting that the pace of business expansion in the factories of the world's second-largest economy was moderating but still strong.
Some heavyweight miners helped limit losses for key indexes, as copper hit another record and other metals gained, helped by a weaker dollar.
Anglo American, BHP Billiton and Rio Tinto all rose 0.4 percent.
Defensive stocks such as household goods maker Unilever and drinks maker Diageo fell 1 percent and 1.1 percent respectively.
Across Europe, Britain's FTSE 100, and France's CAC40 fell 0.1 and 0.4 percent respectively.
Germany's DAX fell 0.3 percent, on its last day of trading in 2010.
"There may be more upside, and some more money printing. Companies are in good shape with lots of cash....but you can't just buy and hold," said Giuseppe-Guido Amato, strategist at Lang & Schwarz in Germany. "There are still the systemic risks of the euro zone sovereign debt crisis."
Later, investors' attention will turn to U.S. economic indicators, such as pending homes sales and weekly jobless data.
(Editing by Erica Billingham)