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European shares gain on higher commodity prices; HSBC weighs

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(For a Reuters live blog on U.S., UK and European stockmarkets, click LIVE/ or type LIVE/ in a news window)

Feb 23 (Reuters) - European shares rose on Tuesday as strongcommodity prices helped outweigh mixed corporate earningsupdates, while British bank HSBC fell after it abandoned itslong-term profitability targets.

HSBC Holdings dropped 1.3% after its annual profitsfell sharply due to the COVID-19 pandemic, while it unveiled arevised strategy focused mainly on wealth management in Asia.

The benchmark euro zone stock index gained 0.1%,with energy and travel stocks gaining the most.

Investors await the testimony of the U.S. Federal ReserveChair Jerome Powell later in the day where most analysts expectPowell to reiterate the Fed's commitment to maintain a dovishpolicy.

German healthcare group Fresenius fell 1.3% afterit narrowed down its 2021 sales growth forecast and said itwould launch a cost-cutting program, while cement-makerHeidelbergCement dropped 1.2% even after preliminaryresults showed core profit was up 6% lastyear.(Reporting by Shashank Nayar in Bengaluru; editing byUttaresh.V)