* FTSEurofirst 300 up 0.1 percent
* Siemens, Nokia underpin euro zone recovery story
* But China and emerging markets weigh
* German unemployment data shows surprise rise
* Peripheral euro zone preferred to core - Julius Baer
By Lionel Laurent
LONDON, July 30 (Reuters) - European equities were set for their third straight day of gains on Thursday, with results from Siemens, Nokia and Deutsche Bank underpinning signs of a euro zone recovery.
Sentiment was also buoyed around the world by the U.S. Federal Reserve's relatively bright picture of improving labour-market conditions without appearing any more aggressive than expected on the timing of an interest-rate increase.
However, worries over China's growth and an emerging-markets slowdown weighed on companies including Anheuser-Busch InBev , while French carmaker Renault warned of a "significant" slowdown in emerging markets in 2015 even as it profited from a rebound at home.
Data from Germany, whose economy is the most export-dependent in Europe, showed an unexpected rise in unemployment in July and French company Saint-Gobain said the outlook for its German business remained "uncertain".
"There seems to be certainly more potential in euro zone (earnings) than in the U.S. ... But markets with a higher domestic exposure should be more rewarding going forward than those that are internationally exposed," Julius Baer strategist, Christoph Riniker, said.
"In a nutshell, we prefer peripheral markets like Italy and Spain to Germany."
The pan-European FTSEurofirst 300 was up 0.1 percent at 0825 GMT, having given up most of its opening gains. The FTSE 100 index rose 0.2 percent, helped by promises of spending cuts from Royal Dutch Shell in the face of a commodities sell-off.
The Euro STOXX 50 index was down 0.2 percent, with a 4-percent drop in AB InBev shares offsetting jumps in Nokia and Siemens shares.
"These are quite solid earnings overall... But it's not that surprising as the euro has gone down so much and the economy has been improving," Peregrine & Black trader, Markus Huber, said.
"China is still not out of the woods."
JPMorgan strategists said the earnings season, which is about one-third of the way through, pointed to a high number of companies beating expectations.
"The proportion of European companies beating estimates is the highest since we started compiling the data in '09," they wrote in a note to clients.
Europe bourses in 2015: link.reuters.com/pap87v
Asset performance in 2015: link.reuters.com/gap87v
Today's European research round-up (Editing by Louise Ireland)