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* FTSE 100 down 0.03 pct
* Consumer staples multinationals hit by trade fears
* Cobham jumps 4.6 pct on MS upgrade
* Indivior gains as U.S. court blocks generic drug
* Energy stocks stage turnaround(Updates prices, adds details, quotes)
By Helen Reid
LONDON, June 18 (Reuters) - Britain's top stock index dippedon Monday as trade tensions between the United States and Chinakept the pressure on equity markets across Europe, weighing onmultinational companies.
The FTSE 100 fell 0.03 percent to its lowest sinceMay 30 but substantially outperformed other European stockmarkets. Germany's DAX - home to big autos stocks onthe trade dispute's front line - sank 1.4 percent while theSTOXX 600 fell 0.8 percent.
Strong energy stocks underpinned the FTSE 100, while aweaker pound also boosted the index's mainly exportingcompanies.
U.S. President Donald Trump announced tariffs on $50 billionof Chinese imports on Friday, laying out a list of more than 800imports including cars that would be subject to a 25 percenttariff starting on July 6.
China said it would respond with tariffs "of the same scaleand strength" and that any previous trade deals with Trump were"invalid."
Multinational consumer stocks, vulnerable to higher barriersto trade, were the worst performing, with heavyweights Diageo, Reckitt Benckiser and British American Tobaccodown.
Oil stocks opened lower but jumped into positive territoryas crude prices snapped back ahead of Friday's OPEC meeting,expected to result in production increases.
Crude was falling earlier after China threatened duties onAmerican oil imports.
Oil majors BP and Royal Dutch Shell turnedfrom the biggest drag to the biggest boost to the index, rising1.2 to 1.3 percent by the close.
Mid-cap oil services firm Petrofac declined 1.3 percent as anegative note from Morgan Stanley weighed.
Analysts at the broker said the market's focus was onwhether Petrofac had sufficient liquidity to repay a $677million October bond in cash or whether additional capital wouldbe required.
Sterling weakened, helping support the FTSE, as traders cutpositions in the currency ahead of a Bank of England policymeeting this week and another parliamentary confrontation overthe government's Brexit plan.
Shares in Ocado fell to their lowest in ten days,down 7.8 percent, on the online grocer's first day of trading onthe FTSE 100.
Promotion means index-tracking funds are forced to buy thestock, but Ocado is already up 162 percent this year.
Bookmaker GVC rose 2.3 percent on its first day oftrading.
In dealmaking news, mid-sized bank CYBG sealed adeal to acquire Virgin Money for 1.7 billion pounds,creating Britain's sixth-largest bank by assets.
Virgin Money shares initially rose more than 2 percent,before reversing course to end the day down 2.2 percent. CYBGshares were down 0.7 percent.
Also among mid-caps, Cobham shares rose 4.5 percentafter Morgan Stanley upgraded the defence stock to "overweight"from "equal-weight".
"We think current management have stabilised performance,with necessary costs sunk and measures taken to aid operationaldelivery," they wrote.
"With multi-year upcycles beginning in core defence andaerospace markets, and other niche exposures appearing to be ator close to the bottom, we see consensus underpinned."
Shares in drugmaker Indivior rose 1.6 percent aftera U.S. court granted a temporary restraining order blocking DrReddy's Laboratories from launching a generic version of thefirm's best-selling opioid addiction treatment.
It was still far from recovering its losses from Friday whenit sank 27 percent on fears of a generic launch.
Overall British stocks have performed well in recent weeks,and analysts have upgraded earnings expectations.
(Reporting by Helen Reid; editing by John Stonestreet)
