European stocks trim losses as pharmas offset banks

PARIS, Sept 10 (Reuters) - European stocks pared losses and briefly turned flat on Wednesday morning as buoyant drug makers shares eclipsed a drop in banking stocks, hit by concerns over Lehman Brothers' (LEH.N: Quote, Profile, Research, Stock Buzz) ability to raise capital.

At 0842 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,154.68 points. The index, which had dropped almost 1 percent in early trade, briefly turned flat.

Sanofi-Aventis (SASY.PA: Quote, Profile, Research, Stock Buzz) rose 4.6 percent on expectations Chief Executive Gerard Le Fur would be replaced by GlaxoSmithKline (GSK.L: Quote, Profile, Research, Stock Buzz) executive Chris Viehbacher.

Banks were among the heaviest negative weights on the index, with Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) down 1.3 percent and Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz) down 1.1 percent.

Lehman brought forward the release of "key strategic initiatives" and quarterly results by a week to 1130 GMT on Wednesday.

(Reporting by Blaise Robinson)