* FTSEurofirst 300 down 0.2 percent after hitting 11-wk low
* Mining, energy shares slip; banks mixed
* Automakers advance, Porsche jumps 6.6 percent
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By Atul Prakash
LONDON, July 13 (Reuters) - European share prices extended the previous session's losses to hit an 11-week low early on Monday, led down by oils and miners, with corporate earnings worries forcing investors to scale back their trading positions.
The FTSEurofirst 300 index of top European shares was down 0.2 percent at 812.94 points by 0834 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 were among top losers on the index, also tracking weaker metal prices. Antofagasta, Rio Tinto and Lonmin fell 0.3-0.6 percent.
Xstrata was down 4.6 percent. The company said on Sunday it remained committed to a nil-premium merger with Anglo American after the Observer newspaper cited sources as saying the company would offer a 5 billion pound ($8.1 billion) sweetener to seal the deal.
Analysts said that uncertainties about the earnings season continued. U.S. oil major Chevron last week provided a downbeat earnings outlook and investors awaited results from Goldman Sachs and Intel on Tuesday, JP Morgan Chase on Thursday and Bank of America on Friday.
"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 were mixed. HSBC, Barclays, Lloyds, Societe Generale and Swedbank were down 0.1-1.8 percent. But Standard Chartered, Royal Bank of Scotland and BNP Paribas gained 0.3-0.4 percent.
UBS was up 1.2 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.
Some energy stocks came under pressure after crude oil prices fell more than 1 percent before paring losses. Repsol, StatoilHydro and Royal Dutch Shell shed 0.1-0.8 percent.
"It feels like the excitement we all felt a month ago at the sustained rally has drained away, leaving a bitter taste in the mouth," said Owen Ireland, an analyst at ODL Securities.
"Should the markets have simply flattened out it would not feel so uncomfortable, as we could quite imagine a mid-July resurgence. Instead, markets have been riddled with weakness, and sentiment will surely have to change dramatically if we are to see things improve."
PORSCHE RACES AHEAD
However, automakers were generally higher. Porsche rose 6.6 percent after a report said the ruler of the Gulf state of Qatar is willing to offer 7 billion euros for both a stake of just over 25 percent in the listed holding and Porsche's cash-settled options in Volkswagen stock.
BMW, Daimler AG and Fiat were up 0.1-3 percent.
Dutch conglomerate Philips Electronics was up 4.6 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.
Friends Provident rose 4.6 percent to top the FTSE 100 risers in a weaker broader market after buy-out firm Resolution has proposed a merger with the life insurer, which Resolution says has rebuffed.
France's main electricity provider EDF was down 0.2 percent. The company is discussing swapping some assets with Italian utility Enel, French business newspaper La Tribune reported on Monday. (Additional reporting by Blaise Robinson in Paris; Editing by Greg Mahlich)