European stocks fall early, led down by miners

FRANKFURT May 11 (Reuters) - European shares fell in choppy trade on Monday, reversing a small part of last week's gains, as mining stocks led European sectors lower, while investors were awaiting results from HSBC (HSBA.L).

At 0717 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.5 percent at 861.73 points after ending 1.7 percent higher at a four-month closing high on Friday.

The index has gained about 33 percent since reaching a record low in early March in what market strategists have called a bear market rally, with corporate earnings surprising on the positive side, while fundamental macroeconomic data remain dim.

"We have good chances for a further positive development but the big picture still sounds a note of caution," said Roger Peeters, strategist at Close Brothers Seydler.

Mining stocks were the top sectoral loser, with the DJ STOXX Basic Resources Index .SXPP down 1.7 percent. BHP Billiton (BLT.L), ArcelorMittal (ISPA.AS) and Rio Tinto (RIO.L) were all down between 1.6 and 2.9 percent.

On the positive side, AstraZeneca (AZN.L) rose 3.7 percent, after the company's experimental heart drug Brilinta has proved to be better than Sanofi-Aventis SA (SASY.PA) and Bristol-Myers 1399944553 [ID:nLB630992]

Across Europe, the FTSE 100 .FTSE index was down 0.3 percent, Germany's DAX .GDAXI was down 0.7 percent and France's CAC 40 .FCHI was down 0.7 percent.

(Reporting by Christoph Steitz)