* FTSEurofirst 300 down 0.2 percent
* Banks fall on euro zone debt worries
* Mining shares gain as commodities prices rise
* Traders eye G20
* For up-to-the-minute market news, click on []
By Brian Gorman
LONDON, Nov 11 (Reuters) - European shares fell on Thursday
with banks lower on renewed worries about debt levels in
peripheral euro zone countries, notably Ireland, as world
leaders gather for the G20 summit.
At 1004 GMT, the FTSEurofirst 300 <> index of top
European shares was down 0.2 percent at 1,107.23 points, after
falling 0.7 percent in the previous session.
The European benchmark is up 71 percent from its lifetime
low of March 2009, with several major economies having emerged
from recession, helped by stimulus from governments and central
banks worldwide.
Bank of Ireland <BKIR.I> fell 8.9 percent. Its shares have
lost more than 40 percent in the last month.
Royal Bank of Scotland <RBS.L> fell 5 percent, with traders
citing its exposure to Ireland. "Worries about Ireland, that is
what is hitting (RBS) now," a London-based trader said.
[]
Ireland's central bank governor said on Wednesday a huge
bank recapitalisation programme had failed to reassure
investors, as borrowing costs mounted along with concerns the
government' new fiscal plan would not avert a bailout.
The premium investors demand to hold 10-year Irish
government bonds rather than German benchmarks hit a euro era
peak as investors fretted about Ireland's debt pile and its
ability to fund itself. []
Other banks to fall included Credit Agricole <CAGR.PA> and
UniCredit <CRDI.MI>, down 2.3 percent and 2.1 percent
respectively.
A deeply divided G20 has been struggling to move beyond
broad promises of economic cooperation as world leaders gather
in Seoul for a two-day summit dominated by tensions over foreign
exchange rates and global imbalances. []
"It is all eyes on South Korea. The G20 often has a negative
effect (for equities), in that if there is no agreement, people
think we are heading down the road of protectionism," Justin
Urquhart Stewart, director at Seven Investment Management said.
"A positive move would be if people realise there are
imbalances, and say they will work towards easing those."
TECHS FALL
Tech stocks fell, dragged down by the dismal outlook given
by sector bellwether Cisco Systems <CSCO.O>. French telecom gear
maker Alcatel-Lucent <ALUA.PA> fell 2.7 percent. Cisco shares
fell 13 percent after hours on Wednesday. []
United Internet <UTDI.DE> fell 9.4 percent, ahead of results
due on Thursday.
Telefonica <TEF.MC> fell 1.5 percent after the Spanish
telecoms heavyweight posted a lower-than-expected 66 percent
rise in nine-month net profit, with a revaluation of its key
Brazilian operation masking a lacklustre performance in Spain.
On the upside, Siemens <SIEGn.DE>, Europe's biggest
engineering conglomerate, rose 2.6 percent after raising its
full-year dividend after emerging nearly unscathed from
recession.
Gains for mining stocks, after strong Chinese economic data
boosted commodities prices, also helped limnit losses for key
indexes. Antofagasta <ANTO.L> rose 4 percent, and touched a
record high after Bank of America Merrill Lynch issued a double
upgrade on the stock.
Others to rise included Kazakhmys <KAZ.L> and Xstrata, up
3.8 percent and 4.5 percent respectively.
Oil <CLc1> reached a 25-month high for a fifth consecutive
session on Thursday. BP <BP.L>, Royal Dutch Shell <RDSa.L> and
Statoil <STL.OL> rose 0.3-0.6 percent.
Across Europe, Britain's FTSE 100 <> and Germany's DAX
<> were flat; France's CAC40 <> fell 0.3 percent.
The Thomson Reuters Peripheral Eurozone Countries Index
<.TRXFLDPIPU> fell 1.3 percent.
(Editing by Dan Lalor)
