European shares tick up early, led by banks, drugs

LONDON, Aug 15 (Reuters) - European shares rose in early trade on Friday, led by financial and pharmaceutical stocks, while a lower oil price supported the broader market by relieving inflation fears but hit energy shares.

At 0715 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.4 percent at 1,190.01 points, on track for a loss of less than 1 percent for the week.

Banks were broadly higher, with UBS (UBSN.VX) up 1.6 percent, Royal Bank of Scotland (RBS.L) up 1.9 percent and Commerzbank (CBKG.DE) up 1.6 percent.

Defensive pharmaceutical stocks also gained, with GlaxoSmithkline (GSK.L) up 0.9 percent and Sanofi-Aventis (SASY.PA) up 1.3 percent.

Commodity stocks tracked metal and oil prices lower. Miners Xstrata (XTA.L), Anglo American (AAL.L), Rio Tinto (RIO.L) and BHP Billiton (BLT.L) were down 1-3 percent lower and the top four negative weights on the index.

BP (BP.L) and Royal Dutch Shell (RDSa.L) were 0.2-0.3 percent lower as oil fell further to $113.73 a barrel, a far cry from a record high above $147 set last month.

"Slowing commodity prices could stabilise the market but are not a trigger for a sharp move up," said Heinz-Gerd Sonnenschein, strategist at Postbank in Bonn, Germany.

"As for the weakness of the euro, it needs a bit of time to reflect in company balance sheets -- over the next weeks and months, company comments may get more positive."

The euro hit a six-month low against the dollar and sterling stuck a 22-month low against the greenback.

(Reporting by Sitaraman Shankar)