Europe shares mixed as buoyant results offset China woes

* Most national indexes fall, FTSEurofirst rises

* Wirecard (Xetra: 747206 - news) , Jyske Bank (Copenhagen: JYSK.CO - news) , L&S get results lift

* China weighs on market, mining stocks fall

* RWE (Xetra: 703712 - news) hit by broker downgrades (Updates with detail, closing price)

By Alistair Smout and Lionel Laurent

LONDON, Aug 18 (Reuters) - European equities were mixed on Tuesday, as buoyant corporate results offset the impact of weak trade in Asia and a fall in commodities prices driven by worries over China's growth outlook.

Most major indexes across Europe posted losses. Blue (OTC BB: BUES - news) -chips in France, Germany and Italy were 0.1 percent to 0.3 percent lower.

Britain's FTSE underperformed, down 0.4 percent as sterling strengthened. The foreign exchange move distorted the calculation of the pan-European FTSEurofirst 300 index to leave it up 0.2 percent at 1,535.46 points, even though benchmark national indexes fell.

Traders said volumes were in Europe, with only 63.5 percent of the 90-day average volume traded. Surprisingly weak U.S (Other OTC: UBGXF - news) . data released on Monday also weighed on sentiment.

Pan-European equities are down some 7 percent since peaking in April. Greece's debt drama and jitters over China's allowing its currency to weaken have offset the European Central Bank's asset-purchase programme and one of the best earnings seasons in five years.

A Bank of America Merrill Lynch fund manager poll showed that European stocks remain the favoured global trade among participants, although investors avoided stocks with exposure to China.

Chinese stocks fell on Tuesday, re-igniting fears that Beijing may intend to devalue its currency further.

Swiss-listed luxury brands Swatch and Richemont , which have substantial exposure to China, fell 1.8 percent and 1 percent respectively. Energy and mining stocks were also hit by a dip in oil and metals prices.

"We do not consider this policy move to presage a substantial devaluation of the Chinese currency," said Michael Stanes, Investment Director at Heartwood Investment Management.

"We think the markets have overreacted to the move and developments might even afford opportunities in currency and financial markets most exposed to the renminbi's (yuan's) performance."

Outperformers in Europe included Wirecard and Denmark's Jyske Bank, up 8.1 percent and 4.6 percent respectively after quarterly results.

Swiss chocolate maker Lindt & Spruengli saw its shares hit record highs after better-than-expected earnings.

German utility RWE fell 3.3 percent, with broker downgrades from SocGen (Paris: FR0000130809 - news) , RBC (Other OTC: RBCI - news) and Berenberg sending the stock to an all-time low.

"Weak power prices and adverse guidance at H1 results drive 20-30 percent cuts to longer-term EPS forecasts... (A) dividend cut also seems unavoidable," analysts at RBC said in a note.

The Athens stock market dipped into negative territory a day before a German parliamentary vote on Greece's new bailout plan. Germany looks certain to approve the plan, although a significant minority of Chancellor Angela Merkel's German conservatives are expected to oppose it.

Europe bourses in 2015: http://link.reuters.com/pap87v

Asset performance in 2015: http://link.reuters.com/gap87v

Today's European research round-up

(Additional reporting by Kit Rees, editing by Larry King)