Europe shares set for 4th wk of losses; banks slip

* FTSEurofirst 300 falls 0.8 pct; heads for 4th wk of losses

* Financials slip; uncertain corporate earnings weigh

* Energy, mining shares track weaker oil, metal prices

* For up-to-the-minute market news, click on [STXNEWS/EU]

By Atul Prakash

LONDON, July 10 (Reuters) - European equities fell on Friday and headed for a fourth straight week of losses as worries about corporate earnings and the pace of economic recovery pressured banks, while weaker commodity prices hit oil and mining shares.

By 1114 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.8 percent at 816.87 points after gaining 0.8 percent in the previous session. It has fallen 3 percent this week, but is still up 26 percent after a record low in early March.

Financial stocks were among the top losers on the index, with Allied Irish Banks (ALBK.I), Bank of Ireland (BKIR.I), Swedbank (SWEDa.ST), HSBC (HSBA.L) and UniCreidt (CRDI.MI) down 1.8 to 13.3 percent.

Commerzbank (CBKG.DE) was flat after gaining earlier. It saw losses narrow in the second quarter versus the first as business with medium-sized companies and retail clients achieved good results, said Markus Beumer, a board member of the bank. [ID:nLA514052]

Energy stocks slipped, also tracking a 1.3 percent fall in crude prices CLc1. BP (BP.L), Royal Dutch Shell (RDSb.L), BG Group (BG.L), Tullow Oil (TLW.L), StatoilHydro (STL.OL) and Total (TOTF.PA) shed 0.6-1.4 percent.

Sentiment also weakened following a downbeat earnings outlook from U.S. oil major Chevron (CVX.N) after Wall Street close on Thursday, just a day after aluminium giant Alcoa (AA.N) posted better-than-forecast results.

"We are still in a place where risk aversion is being taken into account again and the risk of default in the real economy and the corporate sector is going to be re-appraised," said Valerie Plagnol, chief strategist at CM-CIC Securities.

"On the whole, it's hard to be really bullish. We are caught in a situation where indeed we have left behind us probably the worst of the recession. Nevertheless, macroeconomic numbers are very weak," she said.

With the summer holidays kicking off in the northern hemisphere and the second-quarter earnings season beginning, market and fund flows suggested many investors were heading to the sidelines, according to fund tracker EPFR Global.

Stocks globally enjoyed a powerful rally in the second quarter but have since run out of steam.

Miners felt pressure as prices of key base metals slipped. BHP Billiton (BLT.L), Anglo American (AAL.L), Antofagasta (ANTO.L), Xstrata (XTA.L) and Eurasian Natural Resources (ENRC.L) fell 0.2 to 3.2 percent.