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* STOXX 600 down 0.1 pct
* Utilities bounce back but Innogy disappoints
* Strong Allianz results buoys financials
* Builders slip back after strong run
* Gamesa surges after upbeat outlook
By Danilo Masoni
MILAN, Nov 11 (Reuters) - European shares fell slightly on Friday, with gains in Allianz after a strong update and a rebound in utilities more than offset by concerns over the risks involved in U.S. President-elect Donald Trump's fiscal stimulus programme.
After an initial euphoric reaction to Trump's victory, investors expressed more caution about possible obstacles to his ambitious project.
"After panic buying a more rational and selective phase has started," said Giuseppe Sersale, fund manager at Anthilia Capital in Milan. "The political and economic obstacles to his plans must not be underestimated".
The construction and materials index, down 1.1 percent, was the biggest sectoral loser, weighed down by losses among cement makers LafargeHolcim and Heidelberg Cement , while Spanish builder ACS fell 3.6 percent.
The index hit a nine-year high on Thursday as optimism over Trump's $1 trillion infrastructure spending program prevailed.
By 1027 GMT, the pan-European STOXX 600 index was down 0.1 percent. Although the index was on track for its best week since July, it is still down 7 percent so far this year.
Allianz rose 2.7 percent after the German insurer posted a forecast-beating rise in third quarter net income and said U.S. bond fund manager Pimco saw inflows for the first time in more than three years.
"The turn-around in AM (asset management) net flows is very encouraging and also the solvency remains strong which bodes well for additional cash returns in the coming months," said Daniel Bischof, analyst at Baader Bank.
Insurers and banks outperformed, also helped by a surge in global government bond yields, fuelled by hopes of a massive U.S. fiscal stimulus under a Trump administration.
Utilities, which fell sharply in the previous session as falling bond prices make their dividend streams less attractive, rebounded, with the sector index up 1.4 percent.
Italian regional utility A2A was the biggest gainer, up 2.8 percent, after an upgrade to buy from Kepler.
But a profit fall at Innogy sent shares in the German power utility's and those of parent RWE down more than 4 percent.
Gains were also capped by losses among healthcare stocks with the sector's index down 0.9 percent, as well as among heavyweight oil stocks, which fell on the back of worries over a supply overhang.
Gamesa was up 6.4 percent after the Spanish wind turbine maker raised on Thursday for the second time in a year its 2016 sales and earnings targets. (Editing by Alexander Smith)