Banks push European shares lower; BoE, ECB eyed

                                
 * FTSEurofirst 300 index down 1.2 pct ahead of BoE, ECB
                                
 * Banks weigh but BNP Paribas gains after results
                                
 * Commods fall; Petroplus down
                                
 
                                
 By Joanne Frearson
                                
 LONDON, Nov 5 (Reuters) - European share prices were mostly
lower on Thursday ahead of interest rate decisions by the Bank
of England and the European Central Bank, with banks and
commodity stocks the biggest losers.
                                
 By 0917 GMT, the pan-European FTSEurofirst 300 <.FTEU3>
index of top shares was down 1.2 percent at 972.82 points. The
benchmark index has gained nearly 17 percent this year and is up
around 50 percent since reaching a record low in early March.
                                
 "Even though there have been some good banking figures
coming out we are still not finding any particular direction. We
are seeing it pull back today," said Justin Urquhart Stewart,
director at Seven Investment Management.
                                
 "We are waiting to see if there is going to be a decision
from the Bank of England. I think there is unlikely to be any
change and I do not think the ECB will make any significant
changes," he said.
                                
 Both, the BoE and the ECB are expected to leave interest
rates unchanged. The Federal Reserve stated on Wednesday that it
would keep rates close to zero for "an extended period".
                                
 Banks took the most points off the index in Europe. HSBC
<HSBA.L>, Banco Santander <SAN.MC> and UBS <UBSN.VX> were down
1.6 to 2.8 percent.
                                
 However, BNP Paribas <BNPP.PA>, the euro zone's
second-biggest bank by market capitalisation, gained 1 percent
after it posted higher profits that beat market forecasts and
trumped the results of many rival banks. [ID:nL4683594]
                                
 In other financials, Swiss insurer Zurich Financial Services
<ZURN.VX> lost 3.6 percent after its third-quarter profit missed
expectations due to spending on additional hedges. [ID:nL498066]
                                
 
                                
 COMMODITIES UNDER PRESSURE
                                
 Commodity stocks featured among the biggest fallers.
Petroplus <PPHN.VX>, Europe's largest independent oil refiner,
fell 2.6 percent after it missed forecasts with a third-quarter
net loss of $259.4 million. [ID:nL4174241]
                                
 BG Group <BG.L>, BP <BP.L>, Royal Dutch Shell <RDSa.L> and
Total <TOTF.PA> were down 0.7 to 1.4 percent as crude <CLc1>
slipped 0.7 percent.
                                
 Miners were lower as metal prices retreated. Copper <MCU3>
was down 0.8 percent, aluminium <MAL3=LX> fell 0.5 percent and
nickel <MNI3=LX> lost 0.9 percent.
                                
 Anglo American <AAL.L>, Antofagasta <ANTO.L>, BHP Billiton
<BLT.L>, Eurasian Natural Resources Corporation <ENRC.L>, Rio
Tinto <RIO.L> and Xstrata <XTA.L> were down 2.3 to 4 percent.
                                
 Among other individual movers, British telecoms group Cable
& Wireless <CW.L> slipped nearly 7 percent after the company cut
its full-year earnings forecast due to weakness in the Caribbean
but said stabilising conditions elsewhere would allow it to
demerge one of its two divisions. [ID:nL2333197]
                                
 Engineer Invensys <ISYS.L> slumped 9.5 percent, after
weakness in orders at its Operations Management division
overshadowed a reiteration that its full-year performance will
beat last year's. [ID:nL5204382]
                                
 On the upside, Belgian supermarket group Delhaize <DELB.BR>
gained 4.6 percent after it raised its 2009 forecast for
operating profit as third-quarter earnings rose, helped by
promotions, cost control and lower transport costs.
[ID:nL5378383]
                                
 Across Europe, the FTSE 100 <.FTSE> index was down 1.3
percent, Germany's DAX <.GDAXI> was 1.5 percent lower and
France's CAC 40 <.FCHI> fell 1.4 percent.
 (Editing by Greg Mahlich)