Europe shares fall early, led by banks, oils

LONDON, Nov 6 (Reuters) - European shares fell in early trade on Thursday, tracking a sharp decline in U.S. and Asian stocks as concern about the economy remained firmly centre stage after Barack Obama's election victory. At 0827 GMT, the FTSEurofirst 300 index of leading European shares wasdown 2.4 percent at 930.08 points. The index fell 2.2 percent on Wednesday, following six consecutive days of gains. The index has lost more than 38 percent this year, hurt by a credit crisis and the resulting economic slowdown. Bigger-than-expected job losses in the United States, a sharp contraction in the world services sector, steep house price declines and a manufacturing retreat in Britain, all underscored the global economic gloom.

Investors are awaiting interest rate verdicts from the European Central Bank and the Bank of England later in the day. Both central banks are widely expected to cut rates to stimulate growth.

After the decisive U.S. presidential result, which helped remove political uncertainty, "we're back to the grim reality of economic data showing recessionary conditions, and lower earnings guidance," said Bernard McAlinden, investment strategist at NCB Stockbrokers.

"The counterbalance is interest rate cuts. We're no longer in a situation where big cuts would cause panic," he said.

Across Europe, Britain's FTSE 100 .FTSE, Germany's DAX .GDAXI and France's CAC-40 .FCHI were 2.7-3.2 percent lower.

Banks took most points off the FTSEurofirst 300 index. BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz), Banco Santander (SAN.MC: Quote, Profile, Research, Stock Buzz), Commerzbank (CBKG.DE: Quote, Profile, Research, Stock Buzz), and Deutsche Bank DBGKn.DE were 3.8-4.7percent lower.

Oils fell as the price of crude CLc1 slipped more than 2 percent to $63.84 a barrel. Total (TOTF.PA: Quote, Profile, Research, Stock Buzz), ENI (ENI.MI: Quote, Profile, Research, Stock Buzz), BP (BP.L: Quote, Profile, Research, Stock Buzz), Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz), and Repsol (REP.MC: Quote, Profile, Research, Stock Buzz) fell between 2.7 and 3.8 percent.

Hedge fund specialist Man Group (EMG.L: Quote, Profile, Research, Stock Buzz) fell 19.8 percent after disappointing first-half results.

Randstad NV (RAND.AS: Quote, Profile, Research, Stock Buzz) the world's second-largest jobs company by sales after Switzerland's Adecco (ADEN.VX: Quote, Profile, Research, Stock Buzz), fell 6.6 percent after posting a 20 percent fall in third-quarter net profit, as slowing economies and the credit crisis hit hiring at corporate clients. The figures included results from Vedior, which it bought for 3.2 billion euros in May.

In Asia, Japan's Nikkei average .N225 slipped 6.5 percent.

(Reporting by Brian Gorman)