Euro zone debt worries hit European shares

* FTSEurofirst 300 index down 0.4 percent

* Euro zone peripheral worries hit shares

* ThyssenKrupp gains after forecast beating earnings

* For up-to-the-minute market news, click on [STXNEWS/EU]

By Joanne Frearson

LONDON, May 13 (Reuters) - European shares fell on Friday, weighed down by hawkish comments from European Central Bank Governor Jean-Claude Trichet on the peripheral euro zone sovereign debt crisis, plus a rise in U.S. inflation to a 2-1/2 year high in April.

The pan-European FTSEurofirst 300 <.FTEU3> index of top shares closed down 0.4 percent at 1,140.53 points, giving back earlier gains after strong German and French GDP numbers had more than offset weaker numbers in parts of the periphery. [ID:nLDE74C1FL]

Volume was 98.3 percent of its 90-day average.

Trichet's comments, however, "urged Greece" to stick to its reform plan and reiterated the view that the country should not restructure its debt. [ID:nMDT009923]

Most traders, though, believe Greece will have to restructure its debt, particularly as Trichet's comments on inflation pointed to the potential for further interest rate rises, which could worsen Greece's debt problems and hit markets.

"Trichet speeches over the past couple months have indicated a more hawkish stance," Veronika Pechlaner, a manager on the 100 million euro ($144 million) Ashburton European equity fund said. She added: "The majority of the market is expecting some sort of Greek debt restructuring."

Banks featured among the worst performers, with the STOXX Europe 600 Banks index <.SX7P> down 1 percent. Commerzbank and Dexia which both have exposure to Greek bonds were down 3.3 percent and 2.5 percent respectively.

The broader markets slipped on the euro zone peripheral concerns, with the FTSE 100 <.FTSE> index down 0.3 percent, Germany's DAX <.GDAXI> 0.6 percent lower and France's CAC 40 <.FCHI> down 0.1 percent.

The Thomson Reuters Peripheral Eurozone index <.TRXFLDPIPU> extended earlier losses, down 1.8 percent.

Traders were also concerned that the differing GDP numbers between the euro zone peripheries and core Europe could make it more difficult for these debt-laden countries to deal with their problems if interest rates were increased.

"Today's data is more evidence that shows big trouble in the European Union, and the European Central Bank will have a difficult task in choosing a policy that fits all," said Daniel Pingarron, market analyst at IG Markets.

Also impacting the markets, was a fall on Wall Street after U.S. April CPI data came in line with expectations, but was still at a 2-1/2 year high, prompting traders to remain cautious about the inflation outlook.

STRONG EARNINGS

For much of the day the market had also been supported by strong corporate earnings. ThyssenKrupp , Germany's biggest steelmaker, gained 2.3 percent after forecast beating results. [ID:nLDE74C02W]

Elsewhere, French steel tubes maker Vallourec rose 6.1 percent following an improved outlook for second-quarter earnings. It said production was being driven up by positive market trends. [ID:nLDE74B28L]

Meanwhile, Airbus parent EADS was up 5.8 percent after forecast beating first-quarter earnings. [ID:nLDE74C047]

Ex-dividend stocks dominated the FTSEurofirst 300 fallers list, with Germany's Deutsche Telekom , Deutsche Boerse, Adidas and BMW slipping on ex-dividend trading. (Reporting by Joanne Frearson; Editing by Jane Merriman)