Europe shares fall 1.5 pct after US inflation

LONDON, May 20 (Reuters) - European shares hit session lows on Tuesday after data showed an unwelcome pick-up in core U.S. wholesale inflation in April that weighed on U.S. stock futures.

By 1243 GMT the FTSEurofirst 300 index of top European shares was down 1.52 percent at 1,357.36 points, having hit a low of 1,357.07 points, as banks and mining stocks slid.

The U.S. government said its core producer price index, which does not include food and energy prices, rose 0.4 percent, which was twice the rate forecast in a Reuters poll, while headline producer inflation rose 0.2 percent, compared with forecasts for a rise of 0.4 percent.

U.S. stock futures DJM8 SPM8 NDM8 fell 0.7 percent.

Miners Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) and BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz) were the top two negative weights on the FTSEurofirst, falling by 5.5 and 6.8 percent, respectively, as investors booked profits after both stocks hit record highs last week.

(Reporting by Amanda Cooper)