LONDON, Dec 10 (Reuters) - European shares fell in early trade on Wednesday as a decline in banking and telecom stocks outpaced gains in miners, notably Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) after it announced job cuts.
At 0852 GMT, the FTSEurofirst 300 index of top European shares was down 0.8 percent at 853.23 points after rising as high as 864.68 points. On Tuesday, the index rose 1.4 percent but has lost about 42 percent this year.
Rio Tinto jumped more than 10 percent after the miner said it was cutting 14,000 jobs in response to the global downturn.
But banks slipped on persistent concerns about the global economic slowdown. Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) shed 1.2 percent, Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) fell 2 percent, Standard Chartered Bank (STAN.L: Quote, Profile, Research, Stock Buzz) dropped 1.6 percent and UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) fell 2.3 percent.
Among telecoms, BT Group fell 2.2 percent and Vodafone (VOD.L: Quote, Profile, Research, Stock Buzz) was down 2 percent.
(Reporting by Atul Prakash)
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