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* STOXX 600 rises 0.6 pct after touching six-week lows
* Morrisons leads gainers as company returns to profit
* But Next, H&M, Tod's fall on disappointing earning updates
* Lackluster US data further slim odds of immediate ratehike
By Danilo Masoni and Sudip Kar-Gupta
MILAN/LONDON, Sept 15 (Reuters) - European shares rose onThursday at the end of a choppy session that saw a key index hita six-week low, with UK supermarket Morrisons leading gainersfollowing a strong earnings update.
The pan-European STOXX 600 index, which had fallenfor the last five days in a row amid concerns over tightermonetary policies, ended up 0.6 percent.
The index slipped as much as 0.1 percent earlier in thesession to its lowest point since Aug. 4, but later recovered asWall Street rose on the back of lacklustre economic data whichfurther slimmed chances of an immediate rate hike.
Futures prices reduced the chances of a Federal Reserve ratehike at the Sept 20-21 meeting to just 12 percent from 15percent, according to the CME Group's FedWatch tool.
Bankhaus Lampe strategist Ralf Zimmermann said he expectedthe Fed to raise rates in December or February but should therebe an earlier hike it would be a negative surprise for many.
He said was downbeat about the prospects for equities due toa mix of factors from softer economic data, stagnating earningsand political risks including Italy's upcoming constitutionalreferendum and the U.S. election in November.
"There is more short-term downside to come as risks continueto dominate. The next 10 percent move is much more likely to beto the downside than to the upside," he said.
British supermarket operator Morrisons rose 7.5percent, the top performer on the STOXX 600, after the companyreturned to profit growth.
"A better-than-expected increase in like-for-like sales atMorrisons supermarkets saw the company deliver a very positiveset of interim results which beat forecasts," said ETX Capitalmarkets analyst Neil Wilson.
Zodiac Aerospace, which has issued a string ofprofit warnings over the last year, also rose sharply afterreporting higher than expected full-year revenues.
Shares in Next fell 4.69 percent, however, after theBritish clothing retailer warned of volatile trading as itreported a fall in first-half profits.
Rival H&M also fell 4.2 percent after its salesgrowth missed analyst forecasts, while Italian luxury goodsmaker Tod's fell 6 percent after posting a fall infirst half core profits.
Francois Savary, chief investment officer at Geneva-basedfund management and consultancy firm Prime Partners, said hisfirm had trimmed back its equity position, given the weakeconomic backdrop.
"The summer rally on equities was not really backed up byvolumes and we are not out of the woods yet in terms of loweconomic growth," said Savary. (Editing by Catherine Evans)
