European shares tick up at midday led by financials

* FTSEurofirst 300 touch higher, erasing early losses

* Banks, insurance, financial services top sectoral gainers

* Autos, energy among leading losers

By Peter Starck

FRANKFURT, Aug 28 (Reuters) - European stocks erased early losses to trade a touch higher by midday on Thursday, with financials, notably French bank Credit Agricole (CAGR.PA: Quote, Profile, Research), among the leading gainers while car and energy stocks fell.

Reuters surveys of leading investment houses in the United States, continental Europe, Britain and Japan showed that an average mixed-asset portfolio held 57.4 percent in stocks in August, up from 56.7 percent in July.

The long-term average is just above 60 percent for equities.

"Everyone wants to overweight stocks, but don't know what the catalyst for an equities recovery will be," said Brian Gendreau, an investment strategist in New York for ING Investment Management Americas.