European stocks down early; eyes on FX, U.S. data

* FTSEurofirst 300 falls 0.2 percent

* Banking and insurance down; mining and energy up

* Eyes on dollar-euro exchange rate, U.S. data

By Peter Starck

FRANKFURT, Sept 11 (Reuters) - European stocks fell early on Thursday as gains for mining stocks thanks to higher metals prices were offset by weak financials, led by French insurer AXA (AXAF.PA: Quote, Profile, Research, Stock Buzz).

By 0815 GMT, the FTSEurofirst 300 index of top European shares was down 0.2 percent at 1,145.53 points. It has lost 24 percent this year, hammered by recession and inflation fears as well as worries about the impact of the credit market crisis on the financial industry.

"High volatility in the international financial sector remains a constraining factor for buying appetite," Greek ATE Securities said in a morning note to clients.

AXA fell 2.8 percent after UBS downgraded the stock to "neutral" from "buy". The DJ Stoxx European insurance index was down 1.2 percent and the banking index lost 1.1 percent.

"According to the estimates of our bank analysts, global banks lost $636 billion during the crisis so far," Italy's UniCredit said in a note, comparing that figure to the International Monetary Fund's estimate for total sector losses of $1 trillion.

"There is still some way to go until the end of the crisis, and we expect that the Q3 earnings release season will show more losses," UniCredit said.

Germany's Deutsche Postbank (DPBGn.DE: Quote, Profile, Research, Stock Buzz) fell 4.5 percent after news that the country's biggest bank, Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz), was about to acquire a stake in the retail bank.

"Such a deal might limit the upside (for Postbank's share price) ... as the new shareholder structure would limit takeover fantasy," brokerage Equinet said in a note.

DOLLAR STRENGTH

Shares in European aerospace group EADS (EAD.PA: Quote, Profile, Research, Stock Buzz), the parent of airplane maker Airbus, rose 1.9 percent, with traders citing the stronger dollar.

The dollar rallied to one-year highs against the euro -- a shift that ought to help European exporting companies -- on the view that the U.S. currency was a safe buy as the market remains swept up in a wave of risk aversion. The euro fell as far as $1.3923, its weakest since September 2007.

Commerzbank pinpointed $1.3830/50 as the next important support level.

Copper and gold prices firmed, helping miners such as Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz), up 3.2 percent, BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz), up 2.2 percent, and Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz), up 2.1 percent.

"The market's focus will return to the sector's attractive cashflow profile particularly amongst the bulk commodity miners who are beginning to reap the rewards of the huge price increases witnessed at the end of the first half," Cazenove said in a note.

The oil price held near $102 a barrel and index-heavy energy stocks such as BP (BP.L: Quote, Profile, Research, Stock Buzz), ENI (ENI.MI: Quote, Profile, Research, Stock Buzz), Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz) and Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) gained between 1 and 2 percent.

German bank Helaba said U.S. economic data due later in the session could give new impulses for Europe's stock markets.

U.S. international trade figures, export and import prices for August as well as weekly jobless claims are due at 1230 GMT.

Dutch bank ING said the import price data would provide a first glimpse of the impact of the drop in the oil price from $150 a barrel in mid-July to just over $100 currently.

"A decline in core import prices should help to ease worries about U.S. inflation," ING said.

Britain's FTSE 100 .FTSE was down 0.3 percent, Germany's DAX .GDAXI fell 0.3 percent and the French CAC 40 .FCHI lost 0.2 percent. (Editing by Paul Bolding)