* FTSEurofirst 300 index down 1.3 percent
* Banks lower; Natixis slumps
* Commods down as crude, metals retreat
By Joanne Frearson
LONDON, Aug 11 (Reuters) - European shares closed lower on Tuesday in response to disappointing U.S. economic data, with banking and commodity stocks weighing the most on the main index.
The pan-European FTSEurofirst 300 index of top shares closed down 1.3 percent at 932.22 points, losing for the second day in a row after hitting its highest close in more than nine months on Friday.
"We have had a couple of macro figures which did not please the market. The U.S. labour costs and productivity figures are worrying ... they simply mean that there are enormous constraints on the consumer who are supposed to bail us all out of this," said Heino Ruland, strategist at Ruland Research.
"Industry is just slashing costs all over the place ... it means final demand may not be strong enough," he said.
Banks took the most points off the index. French bank Natixis slumped 17.5 percent after the firm's parent, BCPE bank, told French market regulator AMF it did not plan to delist the shares of Natixis.
HSBC, Lloyds Banking Group, Barclays and Deutsche Bank were down 2.1-7.1 percent.
Commodity stocks were lower as crude fell 2.1 percent and copper slipped 0.8 percent on demand concerns. Oil major BG Group lost 2.3 percent, while Rio Tinto and BHP Billiton dropped 1.6 and 1.5 percent, respectively.
Across Europe, the FTSE 100 index was down 1.1 percent, Germany's DAX was 2.4 percent lower and France's CAC 40 fell 1.4 percent.
FRIENDS PROVIDENT RETREATS
Insurers were in the doldrums. Friends Provident retreated from earlier gains, down 2.7 percent as it posted a 38 percent drop in first-half underlying profit to 131 million pounds, below forecast.
The British insurer earlier rose after agreeing a 1.86 billion pound ($3.07 billion) takeover by Resolution.
Chemicals groups were also lower, with Bayer slipping 4 percent as the German chemical and drug company denied market talk that the company was looking to raise more capital.
"We need a pullback to shake the tree to see if the rally is really genuine," said David Buik, senior partner at BGC Partners, in London. "Remember, there's billions on the sidelines.
On the upside, electricity companies were among the top performers. Power generation firm International Power gained 7.2 percent after it said its first-half operating profit beat market expectations, driven by currency effects and a strong performance in Asia and Australia.
Norwegian solar energy company Renewable Energy Corporation rose 5.3 percent after it voiced optimism about its two biggest expansion projects.
Turning to macroeconomic data, U.S. unit labour costs, a gauge of inflation and profit pressure closely watched by the Federal Reserve, fell 5.8 percent, the biggest decline since the second quarter of 2000, while non-farm productivity in the second quarter rose at its fastest pace in six years.
Investors were also disappointed as inventories at U.S. wholesalers plummeted 1.7 percent in June, the tenth straight monthly drop, which drove stocks to their lowest level in more than two years, Commerce Department reported. (Additional reporting by Brian Gorman; editing by Simon Jessop)