Europe stocks cut losses after US durable goods data

PARIS, July 25 (Reuters) - European stocks trimmed their losses on Friday afternoon, but remained in the red, after data showed an unexpected rise in U.S. durable goods orders for June, easing worries over the health of the American economy. At 1236 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 percent at 1,165.92 points, after falling by more than 1 percent.

New orders for long-lasting U.S. manufactured goods rose surprisingly in June on demand for metals, machinery, electrical equipment, and military needs, even though transportation orders were weak, a U.S. government report showed.

European banks and insurers remained deep in the negative territory, with UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) down 7.8 percent. Munich Re (MUVGn.DE: Quote, Profile, Research, Stock Buzz) was down 9.9 percent after warning on its outlook. (Reporting by Blaise Robinson)