LONDON, Nov 5 (Reuters) - European shares were set to rise on Wednesday, set for a seventh straight days of gains, with the removal of some political uncertainty as investors saw a decisive victory for Democratic candidate Barack Obama in the U.S. Presidential election.

The FTSEurofirst 300 index of leading European shares on Wednesday rose 4.3 percent to close at 974.15.

However, the index has still lost 35 percent this year, battered by a credit crisis and economic slowdown.

Germany's DAX is seen up as much as 1.7 percent, Britain's FTSE 100 is seen rising up to 1 percent, and France's CAC-40 is seen up as much as 0.4 percent, financial bookmakers said. Japan's Nikkei 225 closed 4.5 percent higher.

-------------------------MARKET SNAPSHOT AT 0603 GMT--------------------

S&P 500 1,005.75 4.08 % 39.45
NIKKEI 9,521.24 4.46 % 406.64
MSCI ASIA EX-JP 301.42 3.37 % 9.84
EUR/USD 1.289 -0.68 % -0.0088
USD/JPY 99.58 -0.11 % -0.1100
10-YR US TSY YLD 3.786 -- 0.06
10-YR BUND YLD 3.792 -- -0.02
SPOT GOLD $753.40 -1.12 % -$8.55
US CRUDE $68.52 -2.85 % -2.01