Europe shares hit 11-week low; banks, miners weigh

LONDON, July 13 (Reuters) - European equities extended the previous session's losses to hit an 11-week low on Monday, led lower by banks and miners, with worries over company earnings forcing investors to scale back their trading positions.

The FTSEurofirst 300 .FTEU3 index of top European shares was down 0.9 percent at 807.34 points by 0712 GMT after hitting an 11-week low of 805.93. The index, which has fallen in seven of previous eight sessions, slipped 1.1 percent on Friday, notching up a fourth straight week of losses.

Miners fell, also tracking weaker metals prices. BHP Billiton (BLT.L), Anglo American (AAL.L), Antofagasta (ANTO.L), Rio Tinto (RIO.L), Xstrata (XTA.L) and Eurasian Natural Resources (ENRC.L) fell 1.6-5.1 percent.

"I don't think we will see an economic recovery this year and ... earnings estimates are still too high, so there is room for disappointment," Philippe Gijsels, senior equity strategist at Fortis Bank, in Brussels.

Banks also lost ground. Standard Chartered (STAN.L), HSBC (HSBA.L), Barclays (BARC.L), Lloyds (LLOY.L), BNP Paribas (BNPP.PA) and Societe Generale (SOGN.PA) were down 1-3.9 percent.

But UBS (UBSN.VX) was up 0.4 percent. The U.S. government and the Swiss lender asked a federal judge on Sunday to delay the start of a closely-watched trial, as they seek to resolve their dispute over U.S. demands for the identities of thousands of wealthy Americans suspected of using the Swiss bank to dodge taxes. [ID:nN1266563]

Dutch conglomerate Philips Electronics (PHG.AS) was up 1.7 percent. The company said on Monday sales may show some improvement in the second half of the year after reporting a second-quarter operating profit that beat analyst expectations. [ID:nLD512237] (Reporting by Atul Prakash, additional reporting by Blaise Robinson in Paris)