* FTSEurofirst 300 index falls 0.2 percent
* Natixis, Commerzbank tumble
* Focus on U.S. jobs data
By Peter Starck
FRANKFURT, Jan 9 (Reuters) - European shares traded slightly
lower early on Friday, weighed down by steep falls for some
banks, with many investors on hold before the release of a key
U.S. jobs data.
The United States, the world's largest economy, is expected
to have shed 550,000 jobs in December, making it the worst
single month of job losses in 34 years, when it announces its
non-farm payrolls at 1330 GMT. The unemployment rate is expected
to rise to a 15-year high of 7.0 percent.
At 0940 GMT, the FTSEurofirst 300 <> index of top
European shares was down 0.2 percent at 869.28 points. It fell
0.8 percent on Thursday.
"Equity markets are in a complex bottoming phase. It may
still take several weeks or months before a truly sustainable
uptrend materialises," UniCredit strategist Gerhard Schwarz
said.
Natixis <CNAT.PA> dropped 8.4 percent on a newspaper report
that said France's fourth-biggest listed bank could post losses
of between 1.5 billion and 2 billion euros for 2008, and that a
further recapitalisation cannot be ruled out.
A Natixis spokesman said the bank had no plans for a
recapitalisation but was interested in funds from a new state
facility.
Commerzbank <CBKG.DE> was down 8.2 percent, hit by analyst
downgrades triggered by news on Thursday that the German
government will take a 25 percent stake in the bank.
German insurer Allianz <ALVG.DE>, which is selling its
Dresdner Bank unit to Commerzbank, rose 5.3 percent as the last
doubts about that deal faded.
"Allianz's contribution to the recapitalisation of
Commerzbank ... is done on rather favourable terms," Equinet
said in a note. LBBW raised its price target for Allianz to 80
euros from 72 euros.
OUTPUT SLUMP
Fresh industrial production data for November painted a
bleak picture. In Spain, output fell by a record and worse than
expected 15.1 percent year-on-year.
Sweden also saw a record drop, 11.9 percent year-on-year,
and in France the slide was a much sharper than expected 2.4
percent month-on-month.
"An end to the economic downturn is not in sight and the
upcoming corporate earnings reporting season for the final
quarter of 2008 should be peppered with profit warnings,"
Landesbank Berlin said.
Small-cap British building materials company Marshalls
<MSLH.L> said revenue for 2008 fell 6 percent and that the
overall demand outlook remained uncertain. The company's shares
fell 3 percent.
Shares in Deutsche Postbank <DPBGn.DE> were down 2.5 percent
after the German bank said it expects to report a big 2008 loss
after it eliminated its stocks portfolio at the end of 2008,
triggering large hidden losses.
Deutsche Bank <DBKGn.DE>, Germany's largest bank, which is
taking an initial stake of just under 30 percent in Postbank,
fell 5 percent.
On the upside, shares in Renault <RENA.PA> rose 3.8 percent
after the French carmaker said sales fell 4.2 percent in 2008.
The DJ Stoxx autos index <.SXAP> was the leading sectoral
gainer, up 0.9 percent.
(Editing by Andrew Macdonald)
