* FTSEurofirst 300 closes 0.3 percent higher
* UBS rises on inflows for wealth management arm
* Parmalat jumps on Lactalis takeover bid
By Brian Gorman
LONDON, April 26 (Reuters) - European shares rose for the fourth straight session and hit a two-week closing high on Tuesday, boosted by corporate results in both the United States and Europe, including those of Swiss bank UBS.
The FTSEurofirst 300 index of top European shares rose 0.3 percent to 1,145.96 points, the highest close since April 11. Volumes were low, at 81 percent of the 90-day average, as markets resumed following the Easter holiday.
UBS rose 3.9 percent, with money pouring into its core wealth management arm in the first quarter and its struggling investment bank doing better than expected.
Swiss banks Julius Baer and Credit Suisse rose 2.1 and 1.2 percent respectively. Credit Suisse reports results on Wednesday.
"Expectations for earnings season had been low, partly because of margin pressure, but on the whole they've been better though mainly in the U.S. rather than Europe, which has been hitching a ride on the back of it," said Michael McNaught-Davis, head of international equities at Scottish Widows, which has 145 billion pounds under management.
Wall Street hit its highest in nearly three years around the time European bourses were closing. The Dow Jones and S&P 500 were both up 0.7 percent, helped by solid earnings from the likes of Ford and 3M.
"If earnings season continues to surprise on the upside then the market will be well supported," said fund manager James Buckley, at Baring Asset Management, which has 30 billion pounds under management.
"We like technology - we're seeing good numbers coming out of it, on corporate spending."
Some heavyweight mining shares retreated along with metal prices as investors trimmed their exposure to risky assets such as resource-related stocks as the U.S. Federal Reserve kicked off a two-day meeting on interest rates.
The Fed is expected to conclude with a signal that it is in no hurry to scale back its massive support for the economic recovery.
Anglo American fell 1 percent.
McNaught-Davis said the expectations that "rate hikes are being pushed back is partly a reflection that the economy is not strengthening." He added that the "ideal scenario" for equities would be for the economy to pick up more, and for rate hikes to be gradual.
"People are cutting risk ahead of the Fed meeting. The cautious stance is not only on the end of QE2 and the outlook for rates but also on the fact that Bernanke will hold his first-ever post-meeting press conference," said David Thebault, head of quantitative sales trading, at Paris-based Global Equities. "The fact that the Fed is changing the way it communicates is keeping investors on edge."
The euro hit a 16-month high against the dollar on Tuesday, with no respite in sight seen for the greenback if the U.S. Federal Reserve keeps monetary policy accommodative.
The weaker dollar, although not enough to help prevent metals falling, helped keep oil prices relatively strong, at more than $123 a barrel.
BP rose 0.8 percent, ahead of results on Wednesday. Royal Dutch Shell rose 1.2 percent.
PARMALAT GAINS
Among other stocks, Italian dairy group Parmalat rose 10.7 percent after French rival Lactalis launched a $4.9 billion takeover bid for it.
Around Europe, UK's FTSE 100 index rose 0.9 percent, Germany's DAX index was up 0.8 percent, and France's CAC 40 gained 0.6 percent.
So far, nearly 60 percent of 31 STOXX Europe 600 companies that have reported first quarter earnings have met or beaten analysts' forecasts, a figure that trails behind Wall Street's strong showing so far in the earnings season, according to data from Thomson Reuters StarMine.
Of the 156 S&P 500 companies that have reported quarterly results, 81 percent have either beaten or met market expectations, while 19 percent have missed forecasts. (Additional reporting by Blaise Robinson; Editing by Jane Merriman)