By Peter Starck

FRANKFURT (Reuters) - European stocks fell for the fifth straight session on Monday, led by Credit Suisse (CSGN.VX: Quote, Profile, Research) after media reports of further asset writedowns at the Swiss bank, and Philips (PHG.AS: Quote, Profile, Research) on below-forecast first-quarter earnings.

Other losers included mining groups Anglo American (AAL.L: Quote, Profile, Research), down 3.1 percent, and BHP Billiton (BLT.L: Quote, Profile, Research), down 2.3 percent, after Chinese coal miner Shenhua Energy denied a report that it planned to buy a stake in Anglo American and dashed speculation that it was among a group interested in BHP.

Shares in Friends Provident FP.L lost more than 10 percent after buyout group J.C. Flowers said it did not intend to raise its proposed 3.5 billion pound takeover offer and would walk away if the British insurer does not begin talks by Friday.

Friends Provident said the bid significantly undervalues it.

The FTSEurofirst 300 index of leading European shares closed 0.8 percent lower at 1,275.00 points. It has fallen 15.4 percent this year compared with a 9.4 percent loss for the U.S. benchmark S&P 500 index .SPX, which was 0.2 percent in the red as the European trading day ended.

The euro appreciated against the dollar, dimming prospects for European exporters such as car makers, making the DJ Stoxx auto index the day's weakest sector performer in Europe with a loss of 1.7 percent.

Germany's BMW (BMWG.DE: Quote, Profile, Research) and France's Peugeot Citroen (PEUP.PA: Quote, Profile, Research) fell more than 3 percent each.

"We remain concerned with corporate earnings delivery in 2008 on the back of a weakening top line, euro strength and margin pressure," JPMorgan said in a European equity research note.