* FTSEurofirst 300 dips 0.4 percent, hits support at 50-day m.a.
* Barclays, RBS rally on relief following ICB report
* Construction stocks hit by Hochtief's profit warning
* Strong quake in Japan rattles investors
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By Blaise Robinson
PARIS, April 11 (Reuters) - European stocks dipped early on Monday as renewed worries that high commodity prices will bite into companies' results prompted investors to book recent gains following a brisk 3-week rally.
A new earthquake of magnitude 7.1 in northeast Japan also rattled investors, while a one-meter tsunami advisory was issued for the coast.
The losses were limited, however, as a main index hits strong support on its 50-day moving average while heavyweight mining shares such as Rio Tinto and BHP Billiton rallied along with metal prices.
At 0828 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 percent at 1,143.43 points, with strong support around the index's 50-day moving average, at 1,144.87 points.
"Investors seem too complacent at the moment, ahead of the earnings season. I'm cautious on the short term for stocks, with concerns over cyclical sectors," said Frederic Buzare, global head of equity management at Dexia Asset Management, which manages about 86 billion euros ($124 billion).
"Cyclicals are not really attractive in terms of valuation while the earnings momentum has started to turn, with rising pressures on margins, and that hasn't been priced in analysts' forecasts yet. Companies are facing rising input costs, and it will start to hurt while sales volumes are not big enough to absorb the shock."
Bucking the trend, mining shares rose along with metal prices, with Rio Tinto up 0.7 percent and BHP Billiton up 1.7 percent.
UK lenders Barclays and Royal Bank of Scotland also gained ground, up 3.1 percent and 2.4 percent respectively, on relief following the release of Britain's Independent Commission on Banking (ICB) report which seem to spare the two lenders.
"They've got away with it, apart from Lloyds which might have to sell off more assets," said John Smith, senior fund manager at Brown Shipley. "It could have been harsher and there's relief that it's been in line with expectations."
Around Europe, UK's FTSE 100 index was down 0.2 percent, while Germany's DAX index was down 0.7 percent, and France's CAC 40 down 0.7 percent.
German construction group Hochtief dropped 9 percent after slashing its outlook on an expected big loss at its Australian Leighton unit. Lafarge, Holcim and Vinci fell 1.1-1.4 percent.
Investors awaited results from U.S. bellwether Alcoa, set to kick off the earnings season after the closing bell on Wall Street on Monday. (Reporting by Blaise Robinson; Additional reporting by Sudip Kar-Gupta in London; Editing by Jon Loades-Carter)