July 16 (Reuters) - European shares posted modest gains for a third straight session on Thursday, as caution stemming from the Middle East war kept market moves limited despite strong earnings.

The pan-European STOXX 600 index rose 0.16 percent to 643.73 points.

Hopes that the earnings season would shift attention away from geopolitical tensions and back to corporate fundamentals, thus providing stocks with a new catalyst, have not yet materialized.

The Stoxx 600 rose only 0.41 percent this week despite strong results from ASML, a major supplier of equipment needed to manufacture advanced computer chips.

Basic resources stocks were the biggest losers on the index today, falling 1.38 percent. Media stocks led the gains, rising 1.43 percent.

Technology stocks remained stable despite Taiwan's TSMC announcing an unprecedented 77 percent jump in second-quarter profits.

Shares of ASML rose 3.16 percent, while shares of semiconductor companies STMicroelectronics and BE Semiconductor fell 4.91 percent and 3.20 percent, respectively.

The sector showed signs of slowing down this month after a strong performance in the previous quarter.

However, investors are still looking ahead to what is expected to be the strongest earnings season in Europe in more than three years.

Data compiled by the London Stock Exchange Group showed that renewed tensions between the United States and Iran prompted investors to increase their bets that the European Central Bank would raise interest rates by at least 25 basis points by the end of the year.